Nigeria has received international recognition for making substantial progress in fortifying its financial system and combating illicit financial flows, as confirmed by the Financial Action Task Force (FATF) through its International Cooperation Review Group (ICRG).
In a recent announcement, the Nigerian Financial Intelligence Unit (NFIU) revealed that the country has successfully fulfilled key components of its FATF Action Plan, enabling the FATF Africa Joint Group to schedule an on-site assessment. This critical phase will validate not only the implementation of reforms but also their sustainability and political backing.
The NFIU, acting as the national coordinator for the ICRG process, commended the collaborative efforts of government agencies, law enforcement, the judiciary, and the private sector. Special recognition was given to President Bola Ahmed Tinubu and senior government officials, including the Attorney-General, and Ministers of Finance, Economy, and Interior, for their leadership in accelerating reform execution.
Key Milestones Achieved:
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Improved transparency of beneficial ownership to prevent the misuse of anonymous corporate structures.
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Updated national risk assessments for a clearer understanding of money laundering and terrorism financing vulnerabilities.
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Stronger risk-based regulatory supervision across financial institutions and designated non-financial businesses.
“These reforms underscore Nigeria’s unwavering commitment to developing a secure, resilient, and transparent anti-money laundering and counter-terrorism financing (AML/CFT) framework,” the NFIU stated.
As Nigeria moves closer to being removed from the FATF grey list, the NFIU urged all stakeholders to sustain reform momentum ahead of the final evaluation. Continued engagement will be vital in consolidating gains and securing Nigeria’s global financial standing.
In a show of regional partnership, Nigeria also congratulated South Africa, Mozambique, and Burkina Faso for progressing on their FATF action plans, reaffirming its dedication to regional and global cooperation.
The NFIU reiterated its pledge to uphold global AML/CFT/CPF standards and called on all stakeholders to remain committed to reforms that safeguard the financial system, restore investor trust, and bolster Nigeria’s international credibility.
