Nigeria has officially exited the Financial Action Task Force (FATF) “grey list” after successfully meeting required standards under its Action Plan. This significant development strengthens the country’s anti-money laundering (AML) and counter-terrorism financing (CFT) framework.
Coordinating Minister of the Economy Wale Edun emphasized that delisting represents only the beginning of broader reforms. Speaking for the Nigerian delegation, he stated, “Nigeria’s goal extended beyond merely completing the Action Plan. Our focus remains on institutional strengthening and sustainable reforms. We’re committed to effectively combatting money laundering and terrorist financing.”
Edun characterized the FATF decision as an economic endorsement: “This exit signals global confidence in our financial systems. It demonstrates Nigeria’s institutions are transparent and trustworthy to investors worldwide.”
Path to Compliance
Nigeria entered the FATF monitoring list in February 2023. This followed identified deficiencies in its AML/CFT framework. The country subsequently implemented comprehensive reforms to address these gaps.
During its latest plenary session, FATF acknowledged Nigeria’s “strong political commitment against financial crimes.” The global body noted Nigeria progressed from partial to substantial compliance in key technical areas.
About the Author
