Alex Enumah in Abuja
In a recent interview, we spoke with key stakeholders about the positive recognition Nigeria has received from the Financial Action Task Force (FATF) in relation to its efforts in improving Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures.
The FATF, the global standard-setting body for AML/CFT issues, commended Nigeria at the conclusion of its October Plenary Meeting held in Paris, France. According to a statement by Sani Tukur, spokesperson for the Nigeria Financial Intelligence Unit (NFIU), the task force also approved Nigeria’s 4th Progress Report. This marked an important step for Nigeria, which was placed on the “grey list” of jurisdictions under monitoring in February 2023.
During our conversation, he highlighted that the FATF acknowledged Nigeria as having established “strong systems in place for international cooperation to tackle serious crimes, including asset recovery. The country has also strengthened national coordination to combat terrorism and implemented effective measures to prevent the non-profit sector from being exploited for terrorist financing.”
Since being placed on the monitoring list, Nigeria has made significant strides in executing an Action Plan aimed at addressing weaknesses outlined in the 2021 AML/CFT Mutual Evaluation Report.
We also had the opportunity to speak with NFIU’s Chief Executive Officer (CEO), Mrs. Hafsat Abubakar Bakari, who attended the meeting in Paris. She emphasized the collective efforts of public and private sector stakeholders in Nigeria, stating, “We have successfully completed nearly half of the items in our Action Plan to improve our standing and exit the grey list.”
Mrs. Bakari expressed optimism about the future, saying, “With the ongoing commitment and leadership of President Bola Ahmed Tinubu, along with members of the Federal Executive Council and the Inter-Ministerial Committee on AML/CFT, led by the Honourable Attorney-General and the Ministers of Finance and Interior, we are confident that Nigeria will fulfill all remaining actions before the May 2025 deadline.”
She also took a moment to thank all stakeholders for their contributions, particularly the Commander in Chief and the heads of various agencies that have worked diligently to improve Nigeria’s standing, urging everyone to maintain their focus and efforts.
Additionally, the FATF’s Paris Plenary meeting made updates to its grey-list. Senegal was successfully removed from the list, while Algeria, Angola, Côte d’Ivoire, and Lebanon have been added for monitoring.
