Nigeria is working diligently to exit the FATF grey list by mid-2025, with the Government directing agencies to take decisive actions to address deficiencies in anti-money laundering and counter-terrorism financing frameworks. This initiative aims to enhance investor confidence and strengthen the country’s economic standing globally.
Nigeria is amplifying its initiatives to exit the Financial Action Task Force’s (FATF) grey list by mid-2025, a move anticipated to bolster investor confidence and unveil new economic opportunities. Minister of State for Finance Doris Uzoka-Anite announced that the Government has instructed pertinent agencies to take immediate and decisive actions to fulfill FATF’s requirements.
In a meeting with various Ministries, Departments, and Agencies (MDAs), Uzoka-Anite stressed that achieving this objective is crucial not only for Nigeria’s national interest but also for reinforcing global confidence in its financial systems. She asserted that, “All hands must therefore be on deck to ensure the realization of these objectives.”
FATF included Nigeria in its grey list in February 2023, citing notable deficiencies in the country’s anti-money laundering (AML) and counter-terrorism financing (CFT) frameworks. This decision was motivated by concerns around rising capital inflows and insufficient measures for combating money laundering and terrorism financing, highlighting the need for a more robust regulatory framework.
To exit the grey list, Nigeria must enact a comprehensive action plan addressing 19 specific issues identified by FATF within set timeframes. This plan features increased collaboration with stakeholders, effective AML processes, and the imposition of sanctions when necessary, alongside the establishment of crucial regulatory frameworks.
Uzoka-Anite reaffirmed the Government’s dedication to removing Nigeria from the grey list and stated, “we are working tirelessly to address the remaining deficiencies in our AML/CFT regime, and we are confident that our efforts will yield positive results.” She emphasized that strengthening the AML/CFT framework is pivotal to showcasing Nigeria’s commitment to adhering to international standards.
In summary, Nigeria is intensifying efforts to exit the FATF grey list by mid-2025, underscoring the importance of strengthening its financial integrity. The Government’s commitment to addressing deficiencies in its AML and CFT frameworks is critical for restoring global confidence and expanding economic prospects. Effective collaboration among relevant stakeholders and the implementation of a comprehensive action plan are essential for achieving these objectives.
Original Source: businessday.ng
