Nigeria has moved a step closer to exiting the Financial Action Task Force (FATF) grey list after completing all 19 items on its Action Plan.
The country’s legal and institutional reforms have led to compliance with 36 of the 40 FATF Recommendations — a major milestone in the global anti-money laundering and counter-terrorism financing framework.
This progress was highlighted by the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakari, at the opening of a four-day retreat of the National Task Force for the Preparation of Nigeria’s FATF Onsite Assessment in Abuja.
Bakari emphasized the importance of readiness ahead of next month’s visit by the FATF Africa Joint Group.
The retreat brought together senior representatives from key Ministries, Departments, and Agencies (MDAs), including law enforcement, regulatory, intelligence, and prosecutorial bodies. In attendance were the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, and the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Musa Aliyu, among others.
The objective of the retreat is to ensure that all MDAs can confidently present and defend submitted data, reports, and reforms to the FATF assessors.
Bakari urged all participants to maintain a unified front and demonstrate that Nigeria’s reforms are not only functional but sustainable beyond grey list monitoring. The onsite assessment, scheduled for next month, is seen as the final step toward full reintegration into the global financial system.
The NFIU and the anti-graft agencies had a session on Wednesday for a four-day retreat in preparation for the African FAFT group visit to assess Nigeria’s exit preparedness from the grey list.
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