Abuja — Nigeria is poised to exit the Financial Action Task Force (FATF) grey list in early 2025, according to the Nigerian Financial Intelligence Unit (NFIU).
The FATF approved Nigeria's 3rd Progress Report at its June 2024 Plenary meeting in Singapore, acknowledging the country's progress in implementing the Action Plan developed to address anti-money laundering and counter-terrorism financing deficiencies.
The Nigerian delegation to the Plenary included the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), the Director of the Special Control Unit against Money Laundering (SCUML), and the Chief of Staff to the CEO of the NFIU.
A statement on Friday signed by Sani Tukur, Head of the Strategic Communications Office of the NFIU, Abuja, confirmed Nigeria's progress and commitment to fully implementing the Action Plan.
It read in part, "The Plenary approved a further two upgrades in this round, and Nigeria has now completed 30% of the Action Plan developed as part of the listing process. The country is on track to exit the grey list in early 2025.
"Hafsat Abubakar Bakari reiterated Nigeria's commitment to fully implement the Action Plan and updated the Plenary on GIABA's continued progress to strengthen its technical capacity."
Nigeria was added to the list of jurisdictions under monitoring (the grey list) in February 2023.The exit from the grey list is expected to boost Nigeria's international reputation and facilitate foreign investment.
