No More Money Laundering As Financial Action Task Force (FATF) Delists Nigeria From Global Money Laundering Watchlist
Following the development, the President of Nigeria has joined the good people of Nigeria to celebrate what they consider a win as FATF delists Nigeria from the Global Money Laundering Watchlist countries. Says Nigeria is now free of money laundering
In his statement, President Tinubu welcomes the delisting of Nigeria from the FATF Grey List and says Nigeria is committed to Global Financial Transparency.
As recorded, the FATF announced the delisting at its Plenary in Paris, France, yesterday, being the 24th of October 2024.
The FATF is the world’s foremost standard-setting body for combating money laundering, terrorist financing, and proliferation financing. The announcement formally removed Nigeria from the list of jurisdictions under increased monitoring, commonly referred to as the “grey list”.
President Tinubu described the development as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.”
This decision follows Nigeria’s successful and timely completion of its FATF Action Plan, marking over two years of sustained effort, reform, and inter-agency coordination aimed at strengthening the country’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
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How It All BeganIn February 2023, the Financial Action Task Force (FATF) placed Nigeria on the grey list. The message from the global community was clear: the nation needed more vigorous enforcement, better coordination, and greater transparency. Rather than treat this as a setback, Nigeria viewed it as a call to action.
Under President Tinubu’s strategic leadership and in line with the economic transformation agenda of his administration, Nigeria implemented far-reaching legal, institutional, and operational reforms.
This was achieved through the coordination of the Nigerian Financial Intelligence Unit (NFIU), working in conjunction with the Attorney-General of the Federation and Minister of Justice, the Minister of Finance, and the Coordinating Minister of the Economy and the Minister of Interior.
President Tinubu applauded the vital support from the Secretary to the Government of the Federation, the Minister of Aviation, the Minister for Budget and Economic Planning, the Minister for Defence, the Minister for Foreign Affairs, the Minister for Solid Minerals, the Minister of State for Finance, the National Security Adviser as well as the leadership of the National Assembly and the Judiciary, in the attainment of the laudable achievement.
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Following this development, President Tinubu commended the Director/Chief Executive Officer of the NFIU, Ms Hafsat Abubakar Bakari, and the staff for their diligence in ensuring the complete and timely implementation of the country’s Action Plan.
He noted that the NFIU’s work has led to the recognition by the international community of the strides Nigeria has made in strengthening its measures to tackle serious crimes.
“Without their dedication and sacrifice, today’s success could not have been achieved. I thank them for their efforts and urged other stakeholders to emulate their standards”, President Tinubu said.
Nigeria’s efforts in completing the Action Plan were complemented by the country’s close partnership with the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
President Tinubu acknowledged the strong support of international partners, the Governments of France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, for their steadfast technical assistance during Nigeria’s reform process.
According to President Tinubu, Nigeria’s removal from the FATF grey list is “not just a technical accomplishment, it is a strategic victory for the Nigerian economy and a renewed vote of confidence in Nigeria’s financial governance.
“The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda as Nigeria will sustain the already institutionalized reforms, deepen institutional collaboration and continue to build a financial system that Nigerians and the world can trust”. See a copy of the press release below.
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