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From Juliana Taiwo-Obalonye, Abuja
In a significant move to address strategic deficiencies in its Anti-Money Laundering/Counter Financing of Terrorism and Proliferation (AML/CFT/P) (AML/CFT) regime, Nigeria has sent a high-level delegation to the Financial Action Task Force’s (FATF) International Cooperation Review Group (ICRG) meeting in Brussels, Belgium.
Nigeria’s inclusion on the FATF Grey List in February 2023 was due to rising capital inflows and shortcomings in combating money laundering, terrorism, and arms financing.
The delegation, led by Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, included representatives from various government agencies such as the Central Bank of Nigeria, Department of State Services, Economic and Financial Crimes Commission, Federal Ministry of Justice, Independent Corrupt Practices Commission, National Insurance Commission, Nigeria Customs Service, Nigeria Export Processing Zones Authority, Special Control Unit Against Money Laundering, and Securities and Exchange Commission.
During the meeting, the Nigerian team presented the country’s fourth triennial progress report since its inclusion on the FATF grey list in February 2023. The report highlighted Nigeria’s ongoing efforts to implement the FATF Action Plan, with approximately 30 percent of the items already completed.
The Federal Government reiterated its commitment to exiting the grey list by the final deadline of May 2025.
The Chief of Staff to the President, Femi Gbajabiamila, had in a statement, reiterated Nigeria’s commitment to ensuring that all necessary measures are in place to ensure the successful completion of the Action Plan.
“I am a firm believer that no matter how much you achieve, one thing can destroy everything you have achieved. One rotten egg can spoil the whole basket. We have nine months left to exit the Grey List, and even being on that list is bad enough- that is not what we want for our country. Therefore, we will do everything we need to do because May 2025 is around the corner,” Gbajabiamila said during a working visit to the NFIU.
