Nigeria Intensifies Reforms to Exit FATF Grey List by Mid-2025

Nigeria is intensifying efforts to exit the FATF grey list by mid-2025, aimed at boosting investor confidence and unlocking economic opportunities. The Minister of State for Finance outlined the government’s commitment to amending deficiencies in its anti-money laundering and counter-terrorism frameworks, emphasizing the importance of collaboration and compliance to meet FATF requirements.

Nigeria is actively enhancing its efforts to exit the Financial Action Task Force (FATF) grey list by mid-2025, aiming to boost investor confidence and unlock economic opportunities. Doris Uzoka-Anite, Minister of State for Finance, emphasized the government’s directive for all relevant agencies to expedite actions to fulfill FATF requirements during a meeting with key ministries and departments.

Uzoka-Anite recognized that exiting the grey list is crucial not just for Nigeria’s national interests but also for the global community’s confidence in its financial systems. She stated, “All hands must therefore be on deck to ensure the realization of these objectives.”

Nigeria was included on the FATF grey list in February 2023 due to notable deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CFT) frameworks. The FATF’s decision was influenced by rising capital inflows coupled with inadequate measures to tackle money laundering and terrorist financing, necessitating improved regulatory frameworks.

To effectively exit the grey list, Nigeria must execute a comprehensive action plan to rectify identified deficiencies, which consists of 19 specific items highlighted by the FATF. This includes strengthening collaboration with stakeholders to ensure the efficiency of AML procedures and applying necessary sanctions.

Furthermore, establishing appropriate regulatory frameworks and ensuring compliance by stakeholders are also critical components of this action plan. Uzoka-Anite reiterated the government’s commitment, saying, “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 outlined that Nigeria’s commitment to enhancing its AML/CFT regime is aimed at demonstrating compliance with international standards, thus safeguarding Nigeria’s financial integrity and enhancing global confidence in its economy. “We are confident that our collective efforts will yield positive results and further strengthen Nigeria’s position in the global economy,” she concluded, aligning the efforts with the objectives of the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.

Nigeria is dedicated to taking significant steps to exit the FATF grey list by mid-2025, focusing on reforming its anti-money laundering and counter-terrorism financing frameworks. Substantial efforts are being made by the government and relevant authorities to fulfill the FATF’s requirements, which will enhance investor confidence and solidify Nigeria’s position in the international economic landscape. Through collaborative efforts and stringent regulatory measures, Nigeria aims to demonstrate its commitment to global financial integrity.

Original Source: businessday.ng