Nigeria Nears Exit from FATF Gray Record, Because of Key Anti-Cash Laundering Reforms – NFIU

The Nigerian {Financial} Intelligence Unit (NFIU) has credited a collection of strategic reforms beneath the nationwide Anti-Cash Laundering, Counter-Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) framework for Nigeria’s progress towards exiting the {Financial} Motion Job Power (FATF) gray checklist.

In an announcement, NFIU Chief Govt Officer Hafsat Bakari counseled authorities companies and stakeholders for his or her collective efforts. “Congratulations and a job properly carried out as Nigeria comes nearer to exiting the FATF gray checklist,” she mentioned.

Bakari defined that the NFIU, which serves because the Secretariat of the Inter-Ministerial Committee on AML/CFT/CPF, led the creation of a complete roadmap to deal with points recognized in Nigeria’s 2021 mutual analysis report. The roadmap was not too long ago reviewed and endorsed on the FATF Plenary in Strasbourg, France, the place Nigeria was acknowledged for finishing its Motion Plan throughout the deadline—an unusual feat amongst listed international locations.

She credited President Bola Ahmed Tinubu’s management and the assist of the Federal Govt Council and Nationwide Meeting for creating an enabling setting for reforms. She additionally acknowledged the Judiciary’s position in proving the energy of Nigeria’s authorized system in tackling {financial} crimes.

Key ministers, together with the Lawyer-Common of the Federation, the Minister of Finance, and the Minister of Inside, have been praised for guiding the reform course of. Bakari additionally highlighted the involvement of varied companies such because the Central {Bank} of Nigeria, EFCC, FIRS, Nigeria Customs Service, and the Nigeria Police Power, whose cooperation helped reinforce Nigeria’s combat in opposition to illicit {financial} actions.

Nonetheless, Bakari famous that Nigeria should nonetheless cross an important onsite evaluation by the FATF within the coming weeks. “This shall be an opportunity to showcase our dedication to sustaining these reforms and the outcomes achieved up to now,” she added.

She reaffirmed the NFIU’s dedication to persevering with the battle in opposition to {financial} crimes, promising ongoing collaboration with all stakeholders.