FATF Lauds Nigeria, Approves Fifth Progress Report on AML/CFT Compliance
The Financial Action Task Force (FATF) has approved Nigeria’s fifth progress report since the country was placed under jurisdictional monitoring in February 2023.
During its Plenary session in Paris, France today (Friday), FATF acknowledged Nigeria’s progress in implementing the Action Plan jointly agreed upon with the organisation’s International Cooperation Review Group (ICRG).
The plan aims to address deficiencies identified in the 2021 Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Mutual Evaluation Report.
According to a press statement from the Nigerian Financial Intelligence Unit (NFIU) office, “The approval marks a significant step in Nigeria’s efforts to strengthen financial transparency and enhance global compliance standards.
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“The Plenary also recognised the continued high-level political commitment of Nigeria to the ongoing reforms and the measures taken by all stakeholders, coordinated by the Nigerian Financial Intelligence Unit (NFIU), to improve the effectiveness of the country’s AML/CFT regime.
“The sustained progress demonstrates that Nigeria is well placed to complete the Action Plan before the deadline of May 2025 and to exit the FATF’s grey list before the end of the year.”
The Director/Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, led Nigeria’s delegation to the FATF meetings and also delivered a presentation during the side event on “Women in the FATF Global Network.”
Other decisions taken during the Plenary include the removal of the Philippines from the greylist while adding the Lao People’s Democratic Republic and Nepal to the list.
