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The Financial Action Task Force (FATF) has endorsed Nigeria’s fifth progress report, marking a key milestone in the country’s efforts to strengthen its Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework. This approval follows Nigeria’s inclusion under FATF’s jurisdictional monitoring in February 2023.
During its recent Plenary session in Paris, France, FATF acknowledged Nigeria’s progress in executing the Action Plan developed in collaboration with its International Cooperation Review Group (ICRG). This plan is aimed at addressing the deficiencies highlighted in the 2021 AML/CFT Mutual Evaluation Report.
In an official statement, the Nigerian Financial Intelligence Unit (NFIU) noted that this approval underscores Nigeria’s commitment to enhancing financial transparency and aligning with global regulatory compliance standards.
“The Plenary also recognized Nigeria’s continued high-level political commitment to AML/CFT reforms, as well as the concerted efforts of all stakeholders, led by the NFIU, to improve the effectiveness of the country’s compliance framework,” the statement read.
With sustained progress, Nigeria remains on track to complete the Action Plan by the May 2025 deadline and exit FATF’s grey list before the end of the year, reinforcing its position in global regulatory compliance.
Leading Nigeria’s delegation to the FATF meetings, NFIU Director/CEO Ms. Hafsat Abubakar Bakari also participated in a side event focused on “Women in the FATF Global Network.”
The Plenary session also saw the removal of the Philippines from the grey list, while the Lao People’s Democratic Republic and Nepal were newly added to the list.
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