In a recent interview, Alex Enumah reported from Abuja on the noteworthy progress Nigeria has made in enhancing its Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures, as acknowledged by the Financial Action Task Force (FATF). This recognition came at the conclusion of the FATF’s October Plenary Meeting held in Paris, France.
Mr. Sani Tukur, the spokesman for the Nigeria Financial Intelligence Unit (NFIU), shared insights regarding the outcomes of the meeting, which included the approval of Nigeria’s 4th Progress Report. This report follows Nigeria’s inclusion on the FATF’s grey list in February 2023, highlighting the country’s commitment to addressing previously identified deficiencies.
According to Tukur, the FATF recognized that Nigeria “now has strong systems in place for international cooperation to combat serious crimes, including asset recovery, as well as strengthened national coordination to fight terrorism. The measures implemented ensure that the non-profit sector is not exploited to finance terrorist activities.”
Since being placed on the monitoring list, Nigeria has made significant strides in executing an Action Plan to rectify the shortcomings noted in its 2021 AML/CFT Mutual Evaluation Report. NFIU’s CEO, Mrs. Hafsat Abubakar Bakari, who attended the Paris meeting, emphasized the collaborative efforts of both public and private sector stakeholders. “Thanks to their dedication, we’ve successfully completed nearly half of the items on our Action Plan aimed at removing Nigeria from the grey list,” she stated.
Bakari expressed confidence in the country’s trajectory, stating, “With the sustained commitment from President Bola Ahmed Tinubu, the Federal Executive Council, and the Inter-Ministerial Committee on AML/CFT led by the Attorney-General and the Ministers of Finance and Interior, we are poised to complete all remaining actions before the May 2025 deadline.”
She extended her heartfelt gratitude to all stakeholders, particularly the Commander-in-Chief and the Attorney-General, acknowledging their pivotal roles in Nigeria’s progress toward exiting the grey list. Bakari encouraged continued collaboration to maintain momentum.
Additionally, during the meeting in Paris, the FATF updated its grey list, noting Senegal’s successful completion of its Action Plan, leading to its removal from the list, while Algeria, Angola, Cote D’Ivoire, and Lebanon have been newly added.
