FATF removes Nigeria from money laundering, terrorist financing watchlist
The Financial Action Task Force (FATF) has officially removed Nigeria from its greylist of countries with strategic deficiencies in combating money laundering and terrorist financing.
The global financial watchdog announced the decision at the end of its plenary meeting on Friday, noting that Nigeria had made significant progress in strengthening its anti-money laundering and counter-terrorist financing frameworks.
Nigeria was among four African countries — alongside South Africa, Mozambique, and Burkina Faso — that were taken off the list after demonstrating substantial reforms.
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According to FATF, Nigeria improved inter-agency coordination, South Africa enhanced detection mechanisms for money laundering and terrorist financing, Mozambique boosted financial intelligence sharing, and Burkina Faso strengthened oversight of financial institutions and gatekeepers.
Nigeria had been placed on the FATF greylist in 2023. Its removal follows two years of rigorous reforms led by key government agencies under a 19-point action plan developed in collaboration with FATF and its regional partner, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
A high-level Nigerian delegation — including Attorney-General and Minister of Justice Lateef Fagbemi, Minister of Finance and Coordinating Minister of the Economy Wale Edun, Minister of Interior Olubunmi Tunji-Ojo, and NFIU Chief Executive Officer Hafsat Bakari — attended the announcement ceremony in Paris.
In a statement, the Nigerian Financial Intelligence Unit (NFIU) said the delisting was the result of sustained institutional collaboration and the full implementation of reform measures.
Reacting to the development, President Bola Tinubu described Nigeria’s removal from the FATF greylist as “the beginning of a new chapter” in the nation’s financial reform journey.
“The exit from the FATF greylist marks a renewed vote of confidence in Nigeria’s financial governance,” Tinubu said in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga.
He commended the NFIU and other agencies for their dedication, pledging to sustain ongoing reforms and strengthen global trust in Nigeria’s financial system.
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