The Financial Action Task Force (FATF) has removed Nigeria from its grey list.
This decision follows Nigeria’s successful and timely completion of its FATF Action Plan, marking over two years of sustained effort, reform and inter-agency coordination aimed at strengthening the country’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
The FATF is the world’s foremost standard-setting body for combating money laundering, terrorist financing, and proliferation financing.
The announcement formally removed Nigeria from the list of jurisdictions under increased monitoring, commonly referred to as the “grey list”.
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President Tinubu described the development as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.”
Nigeria’s removal from the Financial Action Task Force (FATF) grey list is a welcome development. It marks a significant milestone in our efforts to strengthen the integrity of our financial system and reflects the concerted efforts of our institutions – including the CBN, NFIU, EFCC, and other stakeholders – to implement robust anti money laundering and counter terrorist financing measures,” said Wale Edun, the country’s finance minister.
“This development reinforces confidence in our economy and the integrity of our monetary and financial systems, signaling to investors and global partners that Nigeria’s institutions are strong, transparent, and internationally trusted. It will ease cross-border transactions, improve capital flows, including foreign direct investment, and strengthen the foundations for rapid and sustainable economic growth and job creation.”