On February 24, 2023, the Financial Action Task Force (FATF), an international organization focused on combating money laundering and terrorism financing, placed South Africa and Nigeria on its grey list. This move by FATF is essentially a warning to investors and the global community, signaling concerns about the adequacy of these countries’ AML and CFT regulations, which could potentially enable money laundering and terrorist financing activities.

Following the engagement of The Nigerian Financial Intelligence Unit with FATF, a consensus was reached on a list of 15 specific actions that would make up the action plan for the nation. Compared to the 84 deficiencies initially noted in Nigeria’s evaluation report, which was published in August 2021, this represents a sizable reduction. Despite efforts to strengthen AML compliance in Nigeria, challenges persist. These challenges include inadequate resources, the need for improved technology, and the evolving nature of money laundering schemes. Additionally, collaboration between regulatory bodies, financial institutions, and law enforcement agencies remains a major challenge.

The event will center on Nigeria’s current status on the FATF Greylist and will delve into the initiatives being undertaken to enhance its Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework. Discussions will also encompass the evolving threat landscape of terrorism financing, the pivotal role of Regulatory Technology (RegTech) in bolstering compliance, and ongoing AML endeavors.

Furthermore, the event will examine the necessity for providing education on compliance and AML for students and budding professionals in Nigeria.