Nigeria has made significant progress in strengthening its Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) frameworks, earning commendation from the Financial Action Task Force (FATF) following its latest plenary session.

This progress marks a pivotal step toward Nigeria?s goal of exiting the FATF greylist and restoring full confidence in its financial system, according to a statement from the Nigerian Financial Intelligence Unit (NFIU).

The NFIU, which serves as the national coordinator for the FATF Inter-Governmental Action Group on Money Laundering in West Africa (GIABA) process and the Secretariat of the AML/CFT/CPF Inter-Ministerial Committee, highlighted the country?s achievements in implementing its FATF Action Plan.

The NFIU confirmed that the reforms have advanced sufficiently to warrant an on-site assessment by the FATF Africa Joint Group. This upcoming visit will verify that Nigeria?s reforms are effectively implemented, politically supported, and sustainable over the long term.

The NFIU expressed deep appreciation for the leadership of President Bola Tinubu and key members of the Federal Executive Council. ?We particularly commend the leadership of President Bola Ahmed Tinubu GCFR, members of the Federal Executive Council, especially the Honourable Attorney-General of the Federation and Minister of Justice, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of the Interior, for their unwavering commitment to the rapid implementation of the Action Plan,? the statement read.

The NFIU also lauded the critical involvement of the judiciary, law enforcement agencies, regulatory bodies, and private sector stakeholders. ?Their contributions have significantly strengthened Nigeria?s capacity to investigate and prosecute complex money laundering and terrorism financing offences,? it added.

Key milestones achieved include the comprehensive updating of national risk assessments, enhanced transparency in beneficial ownership, and the adoption of risk-based supervision mechanisms across both financial and non-financial sectors. These reforms are integral to closing loopholes that criminals exploit and ensuring robust oversight of Nigeria?s financial landscape.

?This progress not only brings Nigeria closer to exiting the greylist but also demonstrates our commitment to building a resilient AML/CFT system that safeguards the integrity of our financial system and economy,? the NFIU reiterated. The unit called on all stakeholders to sustain the momentum as Nigeria prepares for the crucial on-site evaluation, stressing the importance of embedding reforms deeply and maintaining their effectiveness.

Looking ahead, the NFIU pledged to continue providing strategic coordination and guidance aligned with FATF standards to ensure full compliance and readiness for the forthcoming assessment. ?We encourage all partners to sustain this collective effort, which is vital to protecting Nigeria?s financial system from abuse and restoring confidence among international partners,? the statement concluded.

In a spirit of regional solidarity, Nigeria also congratulated South Africa, Mozambique, and Burkina Faso on reaching similar milestones and expressed optimism about ongoing cooperation under the FATF framework to combat financial crimes across Africa. (The Sun)

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