LunagisthubNigeria Exits FATF Grey List: A Milestone in Financial Reform
The Financial Action Task Force (FATF) has officially removed Nigeria from its grey list of countries with strategic deficiencies in anti-money laundering and counter-terrorist financing frameworks. This decision marks a significant milestone in Nigeria’s journey towards financial reform and transparency.
Nigeria successfully implemented a 19-point action plan aimed at strengthening its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
The country enacted and enforced key laws, including the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022.
Nigeria enhanced the capacity of its intelligence and law enforcement agencies to detect, investigate, and prosecute financial crimes.
The country deepened international cooperation and intelligence sharing with regional and global partners.
Nigeria’s exit from the grey list is expected to boost investor confidence and enhance the country’s reputation in the global financial market.
The delisting will likely ease cross-border transactions and improve capital flows, including foreign direct investment.
The FATF’s decision underscores Nigeria’s commitment to global standards in combating money laundering, terrorist financing, and proliferation financing.
Nigeria’s removal from the FATF grey list is a testament to the country’s resilience and commitment to financial reform. As President Bola Tinubu noted, this achievement demonstrates Nigeria’s strengthened anti-money laundering and counter-terrorism financing framework, following rigorous reform and inter-agency coordination. With this milestone, Nigeria is poised to attract more foreign investment and improve its financial system, ultimately driving economic growth and development .
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