The Financial Action Task Force (FATF), on Friday in Paris, France, approved Nigeria’s fifth progress report since the country was included in the organisation’s list of jurisdictions under monitoring in February 2023.
The FATF Plenary also acknowledged the progress made to implement the Action Plan which was jointly agreed by the country and the FATF’s International Cooperation Review Group (ICRG) to address the deficiencies identified in the 2021 Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Mutual Evaluation Report.
The Plenary also recognized the continued high-level political commitment of Nigeria to the ongoing reforms and the measures taken by all stakeholders, coordinated by the Nigerian Financial Intelligence Unit,(NFIU) to improve the effectiveness of the country’s AML/CFT regime.
The Strategic Communications Office of the
NFIU, stated this in a statement made available to TheIdeal News on Friday.
The sustained progress demonstrates that Nigeria is well placed to complete the Action Plan before the deadline of May 2025 and to exit the FATF’s grey-list before the end of the year.
In other decisions taken during the Plenary, the FATF also approved the removal of Philippines from the grey-list while adding the Lao People’s Democratic Republic and Nepal to the list.
The Director/Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, led Nigeria’s delegation to the FATF meetings and also delivered a well-received presentation during the side-event on “Women in the FATF Global Network.”
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