Nigeria is intensifying its efforts to exit the FATF grey list by mid-2025, which could enhance investor confidence. The Finance Minister stated that all relevant agencies are directed to meet FATF requirements, addressing deficiencies in anti-money laundering and counter-terrorism financing frameworks. Nigeria must implement a comprehensive action plan involving 19 items identified by FATF to achieve this objective. The government is committed to reforms that uphold international standards and foster confidence in the economy.
Nigeria is ramping up its initiatives to exit the Financial Action Task Force (FATF) grey list by mid-2025, a move that could boost investor confidence and generate new economic opportunities. Authorities are pushing all relevant agencies to take prompt actions in alignment with FATF requirements, aiming to address the deficiencies identified in the country’s anti-money laundering (AML) and counter-terrorism financing (CFT) frameworks.
Doris Uzoka-Anite, Nigeria’s Minister of State for Finance, highlighted the significance of leaving the grey list during a meeting with various Ministries, Departments, and Agencies (MDAs). She emphasized that achieving this goal is crucial for both national interests and international trust in Nigeria’s financial systems, urging collective efforts to meet the set objectives.
In February 2023, FATF placed Nigeria on its grey list, citing serious shortfalls in combating money laundering and terrorism financing. The FATF underscored the need for better regulatory mechanisms to handle increasing capital inflows and enforce sufficient safeguards against illicit financial activities.
To successfully exit the grey list, Nigeria must execute a detailed action plan that tackles 19 specific deficiencies identified by the FATF. This plan includes collaborations with stakeholders to improve AML processes, ensure effective sanctions, and establish necessary compliance frameworks across all relevant sectors.
Uzoka-Anite reiterated the government’s dedication to enhancing Nigeria’s AML/CFT capabilities and expressed confidence that their continued efforts would bring favorable outcomes. Strengthening these frameworks is seen as vital to aligning with international standards and maintaining the integrity of Nigeria’s financial system.
She underlined the administration’s commitment to reforms that ensure compliance and enhance the country’s standing in the global economy as part of the Renewed Hope Agenda led by President Bola Ahmed Tinubu.
Nigeria is making significant strides to exit the FATF grey list by mid-2025, focusing on key reforms in its anti-money laundering and counter-terrorism financing frameworks. The government is coordinating with various agencies to address deficiencies, aiming to restore international confidence in its financial systems. Confidence in the initiatives could unlock economic opportunities and reinforce Nigeria’s position globally.
Original Source: businessday.ng
