In a bid to address the challenges of money laundering and terrorism financing, Federal Government of Nigeria has indicated its readiness to join membership of the global Financial Action Task Force (FATF) on money laundering and terrorist financing watchdog.

Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), made this known as he virtually participated at the Extraordinary Ministerial Committee Meeting of the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA).

In a statement made available to the media by Dr. Umar Jibrilu Gwandu, Special Assistant on Media and Public Relations, Office of the Attorney General of the Federation and Minister of Justice, on Saturday, Malami, said Nigeria's Financial Intelligence Unit has issued Executive Alert and, in turn, issued to all Ministries, Departments and Agencies (MDAs) for the implementation of the Action Plan on Nigeria’s follow up process.

Malami stated that the purpose of the subsequent high rating of the technical compliance and effective for the Country on follow up review, MDAs have been directed to constitute an internal Technical Committee to review the report and work out modalities for implementation.

He assured the member States that Nigeria was willing and ready with high level commitment in addressing money laundering and terrorism financing in order to have stable and peaceful nation.

The Minister added that where the implementation process and follow-up evaluation on the Mutual Evaluation Report (MER) is concluded, Nigeria further requests the support of GIABA to commence the application for membership into FATF.

The FATF monitors 39-member countries to ensure fully and effective implementation of FATF Standard, thereby holding nations that do not comply accountable.

The Minister expressed appreciation to FATF, GIABA and Member States of GIABA for reviewing and adopting the just concluded 2nd Mutual Evaluation Report (MER) of Nigeria.

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