By John Joseph
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The Chief of Staff to the President, Femi Gbajabiamila,as expressed confidence that the country will exit the Financial Action Task Force (FATF) Grey List before the May 2025 deadline.
Speaking at Nigerian Financial Intelligence Unit, NFIU, in Abuja on Tuesday he said, Nigeria has made significant progress in addressing the deficiencies identified by FATF, including the establishment of a National Financial Intelligence Unit, improvement in customer due diligence, and enhancement of international cooperation.
He added that the government has also taken steps to strengthen the legal framework for anti-money laundering and combating the financing of terrorism (AML/CFT), and has increased the capacity of relevant agencies to effectively monitor and enforce AML/CFT regulations. Gbajabiamila assured that Nigeria is committed to meeting the FATF requirements and is working closely with the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) and other international partners to achieve this goal.
He emphasized that exiting the Grey List will have positive implications for Nigeria’s economy, including improved access to international finance, increased foreign investment, and enhanced reputation. He also stated that Nigeria has implemented measures to improve transparency in the ownership and control of legal entities, and has strengthened the sanctions regime for non-compliance with AML/CFT requirements. He noted that the country has also made progress in addressing the issue of cash transactions, and has implemented a national cash transfer policy to reduce the use of cash in the economy. He expressed appreciation for the support of international partners, including the World Bank, International Monetary Fund (IMF), and the United States Agency for International Development (USAID), in Nigeria’s efforts to exit the Grey List.
He also commended the efforts of relevant agencies, including the Central Bank of Nigeria (CBN), the Nigeria Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC), in implementing the AML/CFT framework.
The Chief of Staff assured that Nigeria will continue to work tirelessly to meet the FATF requirements and exit the Grey List before the May 2025 deadline, and called on all stakeholders to support the government’s efforts in this regard.
FATF had in February 2022 placed Nigeria on its Grey List for failing to meet its anti-money laundering and counter-terrorism financing standards, and gave the country a deadline of May 2025 to address the identified deficiencies.