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From Adanna Nnamani, Abuja
The Federal Government has welcomed the decision of the European Commission to remove Nigeria from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
The decision was contained in a European Commission Delegated Regulation released this week, amending Delegated Regulation (EU) 2016/1675. It comes months after Nigeria was removed from the Financial Action Task Force (FATF) list of Jurisdictions under Increased Monitoring in October 2025, following the successful completion of its FATF Action Plan.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the development as a major milestone for the country, attributing it to the leadership and reform drive of President Bola Ahmed Tinubu.
Edun said the Tinubu administration prioritised AML/CFT reforms as a core element of economic governance and financial system stability, noting that the president’s decisive leadership ensured strong inter-agency coordination, sustained engagement with international partners and the implementation of critical legal, regulatory and institutional reforms.
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According to the European Commission, Nigeria has significantly strengthened the effectiveness of its AML/CFT framework and satisfactorily addressed the technical and strategic deficiencies earlier identified by the FATF, leading to its removal from the EU’s high-risk list alongside other jurisdictions that recorded similar progress.
The government said the decision would boost Nigeria’s global financial standing, ease enhanced due diligence requirements for Nigerian individuals, businesses and financial institutions dealing with European counterparts, improve correspondent banking relationships and strengthen investor confidence.
Edun commended the efforts of key stakeholders, including financial sector regulators, law enforcement agencies, the Nigerian Financial Intelligence Unit, supervisory authorities, the judiciary and private sector operators, for their roles in achieving the reforms.
He reaffirmed Nigeria’s commitment to sustaining and deepening AML/CFT reforms, stressing that the country would continue to work closely with the FATF, the European Union and other international partners to keep its financial system resilient, transparent and aligned with global best practices.
“The removal of Nigeria from both the
FATF grey list and the European Union’s high-risk list sends a clear and positive signal to the global community that Nigeria is firmly on the path of reform, transparency, and economic renewal under the leadership of President Bola Ahmed Tinubu,” he said.
