UK Envoy, NGOs Commend Nigeria’s FATF Grey List Exit

The United Kingdom High Commissioner to Nigeria, Richard Montgomery, and the Nigeria Network of NGOs have hailed Nigeria’s removal from the Financial Action Task Force grey list, describing it as a major step forward for the country’s financial integrity, transparency, and global reputation.

The FATF, at its October 2025 Plenary in Paris, officially delisted Nigeria from its list of jurisdictions under increased monitoring after the country successfully implemented a 19-point Action Plan designed to strengthen its Anti-Money Laundering and Countering the Financing of Terrorism framework.

Nigeria was placed on the grey list in February 2023 after FATF identified strategic deficiencies in its AML/CFT systems.

Since then, the Federal Government has worked closely with FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa to address the gaps through legislative reforms, institutional strengthening, and inter-agency coordination.

Key reforms cited by FATF include the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, the operationalisation of the Beneficial Ownership Register, and improved supervision of designated non-financial businesses and professions.

In a statement confirming the development, the Director/CEO of the Nigerian Financial Intelligence Unit, Hafsat Bakari, said Nigeria had enhanced the capacity of its intelligence and law enforcement agencies to detect, investigate, and prosecute financial crimes, while deepening international cooperation and intelligence sharing.

Reacting to the delisting in a post on X, the UK High Commissioner to Nigeria, Richard Montgomery, said the decision was “brilliant news” for the country and would enhance investor confidence.

“Brilliant news that the Financial Action Task Force has de-listed Nigeria from the grey list.

“This reflects strong efforts to implement reforms by the Nigerian Government and opens up new opportunities for trade and investment,” Montgomery wrote.

In a separate statement by the Nigeria Network of NGOs and signed by the Executive Director of the Network, Oyebisi Oluseyi described Nigeria’s exit from the grey list as a “critical inflection point for financial transparency, integrity, and security.”

The organisation said the milestone was achieved through collaborative efforts between government, civil society, and businesses, and signified the country’s renewed commitment to global financial standards.

“This milestone represents a genuine validation of a collaborative effort between government, businesses and civil society but also a reflection of the sustained, collaborative advocacy by civic actors,” he said.

Oluseyi noted that since 2012, the NNNGO had proactively engaged in the AML/CFT dialogue through sector-wide conferences, regional workshops, and partnerships with regulatory bodies such as the Special Control Unit on Money Laundering.

These engagements, he said, ensured that compliance measures were both effective and supportive of the nonprofit ecosystem.

He also highlighted the government’s 2022 decision to remove nonprofit organisations from the list of Designated Non-Financial Businesses and Professionals as a landmark reform that eliminated onerous reporting duties irrelevant to their risk profile.

“A key step in the journey towards today’s announcement was the commitment by the Nigerian Government to apply a focused, proportionate, risk-based approach to regulating the activities of nonprofit organisations, as mandated by FATF in its revised Recommendation 8,” Oluseyi added.

According to him, the FATF delisting will reduce high compliance costs for international transactions, ease capital flows, and boost annual remittances, which play a critical role in poverty reduction and sustainable development.

“The exit from the FATF grey list contributes to the economic prosperity needed for nonprofit organisations to fundraise, receive and use financial resources.

“It is expected to provide an immediate confidence boost to the economy and increase household income and savings,” he said.

UK Envoy, NGOs Commend Nigeria’s FATF Grey List Exit

While commending the government for achieving the milestone, Oluseyi cautioned that the “real work” lies in ensuring that reforms implemented during the scrutiny period become permanently institutionalised.

“While we celebrate this progress, the real work is in translating the legislative successes achieved during the scrutiny period into permanently institutionalised reforms.

“Never again must Nigeria be on the grey list,” the director concluded.