The Traffic

"Nigeria on Track to Exit Financial Watchdog List in 2025, Says NFIU"

Yakubu Haruna 
In a significant development, the Nigerian Financial Intelligence Unit (NFIU) has announced that the country is making steady progress towards being removed from the Financial Action Task Force's (FATF) grey list. Nigeria was placed on the list in February 2023 due to concerns over money laundering, terrorism financing, and arms financing.

According to a statement by NFIU spokeswoman Sani Tukur, Nigeria has completed 30% of the Action Plan set by the FATF, paving the way for its exit from the grey list in early 2025. This milestone was achieved during the FATF June 2024 plenary meeting in Singapore, where Nigeria's third progress report was approved.

The NFIU CEO, Hafsat Bakari, reiterated Nigeria's commitment to fully implementing the Action Plan and updating the Plenary on the progress made by the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA).

Nigeria's delegation to the plenary included key officials from the Economic and Financial Crimes Commission, the Special Control Unit against Money Laundering, and the NFIU.

This development signals a significant step forward in Nigeria's efforts to strengthen its financial systems and combat money laundering and terrorism financing. With continued progress, Nigeria is poised to exit the grey list in 2025, boosting its global reputation and attracting foreign investment.

The FATF grey list aims to combat money laundering and terrorism financing worldwide. Nigeria's removal from the list will demonstrate its commitment to financial transparency and integrity, enhancing its position in the global financial community.