Nigeria has completed 30% of its FATF Action Plan, aiming to exit the grey list by May 2025, demonstrating strong financial reform efforts.
Nigeria has successfully implemented 30% of its Financial Action Task Force (FATF) Action Plan as part of its efforts to exit the grey list by May 2025.
This milestone indicates Nigeria’s commitment to strengthening financial oversight, combating money laundering, and preventing terrorism financing.
A recent statement from the Presidency reiterated the administration’s dedication to ensuring all necessary measures are completed on time.
The FATF grey list, which Nigeria was placed on in February 2023, highlights deficiencies in the country’s financial system. Since then, Nigeria has taken decisive action, including forming an inter-agency task force to spearhead the implementation of the Action Plan.
On September 3, 2024, an inter-agency team led by Hafsat Abubakar Bakari, CEO of the Nigerian Financial Intelligence Unit (NFIU), met with FATF’s International Cooperation Review Group (ICRG) in Brussels.
The team, which included key institutions like the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC), provided updates on Nigeria’s progress.
The Presidency’s statement aims to reassure both domestic and international stakeholders of Nigeria’s resolve to address the issues that led to the grey-listing.
The completion of the Action Plan is critical to restoring Nigeria’s financial integrity and improving its international reputation.
Removal from the FATF grey list would enhance investor confidence, boost economic growth, and position Nigeria as a secure financial jurisdiction.
As the May 2025 deadline approaches, Nigeria remains focused on sustaining its momentum to meet FATF’s requirements and achieve full compliance.
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