Nigeria commits to exiting global Financial Action Task Force Grey List
The Nigerian government has taken giant strides towards exiting the global Financial Action Task Force, (FATF) grey list before May 2025.
This was confirmed by the Chief of Staff to President Bola Ahmed Tinubu during a visit to the office of the Nigerian Financial Intelligence Unit, NFIU in Abuja.
Femi Gbajabiamila emphasised the government’s resolve to tackle the problems including money laundering, and terrorism that led to Nigeria’s listing.
According to him, the NFIU has implemented 30 percent of the action plan aimed at addressing the lapses identified.
“We have nine months left to exit the Grey List, and even being on that list is bad enough—that is not what we want for our country.
“Therefore, we will do everything we need to do because May 2025 is around the corner,” he was quoted by the Daily Post.
He also assured of continued collaboration with the NFIU to ensure the protection of Nigeria’s financial system from threats.
This comes following Nigeria’s listing on the FATF Grey List on February 24, 2023, following rising capital inflows and shortcomings in combating money laundering, terrorism, and arms financing.
The global Financial Action Task Force (FATF) is an independent intergovernmental organisation that promotes policies to protect the global financial system by evaluating jurisdictions based on their Anti-Money Laundering/Counter Financing of Terrorism and Proliferation, AML/CFT/P standards.
