The Nigerian Financial Intelligence Unit (NFIU) stated that the country was moving closer to being removed from the Financial Action Task Force’s grey list.
Nigeria was added to the FATF Grey List on February 24, 2023, as a result of increased cash inflows and weaknesses in countering money laundering, terrorism, and arms financing.
However, in a statement issued on Friday, NFIU spokeswoman Sani Tukur claimed Nigeria had fulfilled 30% of the Action Plan developed as part of the listing process.
The statement read, “The Financial Action Task Force has approved Nigeria’s third progress report since the country was added to the list of jurisdictions under monitoring (the grey list) in February 2023. The approval was given at the FATF June 2024 plenary meeting hosted by Singapore.
“The plenary approved a further two upgrades in this round, and Nigeria has now completed 30 percent of the action plan developed as part of the listing process. The country is on track to exit the grey list in early 2025.”
Tukur stated that during the meeting, Hafsat Bakari, Chief Executive Officer of the NFIU and current Chair of the Technical Commission of the Intergovernmental Action Group Against Money Laundering in West Africa, reiterated Nigeria’s commitment to fully implement the Action Plan and updated the Plenary on GIABA’s ongoing progress in strengthening its technical capacity.
“The Nigerian delegation to the plenary also included the Executive Chairman of the Economic and Financial Crimes Commission, the Director of the Special Control Unit against Money Laundering, and the Chief of Staff to the CEO of the NFIU,” the statement added.
