The Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakari, has disclosed that Nigeria is on course to exit the Financial Action Task Force (FATF) Grey List by late 2025.
The NFIU’s Strategic Communications Officer, Sani Tukur, stated this in a statement made available to TheIdeal News in Abuja on Friday while highlighting Nigeria’s progress in strengthening its Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework.
Bakari also described the recent approval of Nigeria’s fifth progress report by the FATF as a major milestone, reinforcing the country’s commitment to financial transparency and international standards in combating financial crimes.
She said, “The FATF’s recognition underscores the effectiveness of collaboration among various Nigerian stakeholders in achieving these positive outcomes.”
The FATF had earlier commended Nigeria’s efforts in tackling money laundering and terrorist financing, acknowledging significant strides since the country was added to the grey list in February 2023.
During its plenary session, the FATF noted Nigeria’s substantial progress in implementing the action plan agreed upon with its International Cooperation Review Group (ICRG). The plan addresses deficiencies identified in the 2021 AML/CFT mutual evaluation report.
The global watchdog also recognized Nigeria’s sustained high-level political commitment to these ongoing reforms. All relevant stakeholders, coordinated by the NFIU, have taken concrete steps to enhance the country’s AML/CFT regime, putting Nigeria on track to complete the action plan ahead of the May 2025 deadline.
If progress continues at the current pace, Nigeria is expected to be removed from the grey list by the end of 2025.
Reviewing Nigeria’s progress, the FATF plenary approved the removal of the Philippines from its list of jurisdictions under increased monitoring. It however added the Lao People’s Democratic Republic and Nepal to the grey list.
The FATF, established in 1989, is the global body responsible for combating money laundering, terrorist financing, and other threats to the integrity of the international financial system.
Nigeria’s delegation to the FATF meetings in Paris was led by NFIU CEO Bakari.
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