Tinubu Hails Nigeria’s Removal From Money Laundering Watchlist

The Financial Action Task Force (FATF) has removed Nigeria from its grey list of countries under increased monitoring for money laundering and terrorism financing risks.

FATF announced this on Thursday during its plenary in Paris, France. The global financial watchdog also delisted Mozambique, Burkina Faso, and South Africa from list.

President Bola Tinubu welcomed the development on Friday, describing it as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.”

Tinubu attributed the delisting to Nigeria’s successful completion of its FATF Action Plan, which began in February 2023 when the country was placed on the grey list.

He said the government treated the move not as a setback but as a call to action to implement legal, institutional, and operational reforms through the Nigerian Financial Intelligence Unit (NFIU.

Tinubu commended the Director and staff of the NFIU, Ms. Hafsat Abubakar Bakari, for their diligence in ensuring the timely implementation of the reforms that earned international recognition.

He also praised the support of key government ministries, the National Assembly, the judiciary, and security agencies, as well as the technical assistance of global partners and institutions such as the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).

Tinubu described the FATF delisting as “not just a technical accomplishment but a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.

“The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda as Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration and continue to build a financial system that Nigerians and the world can trust”.

The FATF, which sets global standards for combating money laundering, terrorist financing, and proliferation financing, said Nigeria’s removal followed two years of sustained reforms, inter-agency collaboration, and political commitment.

FATF President Elisa de Anda Madrazo congratulated Nigeria for demonstrating “strong political commitment” and implementing policy and institutional measures to strengthen its anti-money laundering and counter-financing of terrorism (AML/CFT) framework.

“Nigeria has demonstrated strong political commitment to fight financial crimes. However, let me be clear: it is not only that we have seen a political commitment to exit the grey list… It is because we have seen the change and the political measures put in place.

“In Nigeria, we have seen that political commitment that has translated to the change we have seen on the ground. After sustained efforts of just over two years, Nigeria has demonstrated a stronger capacity – this is fundamental – to investigate and prosecute. This is crucially helping Nigeria to focus resources to fight crimes that harm its community the most, such as drug trafficking and terrorist financing.”

Madrazo commended Nigeria for enhancing transparency in beneficial ownership structures and improving supervision of non-financial sectors, particularly real estate agencies.

She noted that the country’s “government-wide policy reforms and stronger inter-agency coordination” led to the decision to remove Nigeria from the grey list, urging the government to sustain the progress for the benefit of its people.

The FATF President further acknowledged the participation of three Nigerian ministers at the Paris plenary.

The Nigerian Interministerial Committee on AML/CFT/PF, chaired by Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), with Finance Minister Wale Edun and Interior Minister Olubunmi Ojo as alternate chairs, coordinated the country’s reform process.

Speaking on behalf of Nigeria, Edun said the country was honoured to contribute its expertise to the global fight against financial crimes and expressed appreciation to France, Germany, the United Kingdom, the United States, and the European Commission for their support.

“With the resolve and dedication of the men and women back home, we will continue to work towards a safer and more secure Nigeria,” the minister added.