President Bola Ahmed Tinubu has welcomed Nigeria’s removal from the Financial Action Task Force (FATF) grey list.
The FATF, the world’s leading standard-setting body for combating money laundering, terrorist financing and proliferation financing, announced Nigeria’s delisting on Friday at its Plenary in Paris, France.
The decision formally removes Nigeria from the list of jurisdictions under increased monitoring commonly referred to as the grey list following the country’s successful completion of the FATF Action Plan after more than two years of sustained reforms and inter-agency coordination.
“In February 2023, when Nigeria was placed on the grey list, the message from the global community was clear: we needed more vigorous enforcement, better coordination and greater transparency,” President Tinubu said in a statement from the State House. “Rather than treat this as a setback, Nigeria viewed it as a call to action.”
The President credited the country’s delisting to what he called “far-reaching legal, institutional and operational reforms” implemented under his administration’s economic transformation agenda.
He commended the Nigerian Financial Intelligence Unit (NFIU) for leading the process, alongside the Attorney-General of the Federation and Minister of Justice, the Coordinating Minister of the Economy and Minister of Finance, and the Minister of Interior.
“Without their dedication and sacrifice, today’s success could not have been achieved,” Tinubu said. “I thank them for their efforts and urge other stakeholders to emulate their standards.”
President Tinubu also applauded the collaboration of key ministries, agencies, and the private sector through the National Task Force on Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT), as well as the support of the National Assembly and the Judiciary.
He further acknowledged the technical assistance of international partners including the Governments of France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission which supported Nigeria throughout the reform process.
According to the President, Nigeria’s removal from the FATF grey list “is not just a technical accomplishment, it is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”
“The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda,” Tinubu added. “Nigeria will sustain the already institutionalised reforms, deepen collaboration and continue to build a financial system that Nigerians and the world can trust.”
