Nigeria is expected to exit the Financial Action Task Force (FATF) grey list by October when the global task force holds its plenary in Paris, France, the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA) has disclosed.

The FATF is an intergovernmental organization founded by the G7 countries to develop policies to combat money laundering and terrorism financing.

Nigeria was placed on the list in 2023 as a jurisdiction under increased monitoring while the country was expected to strengthen its Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) activities.

Mr. Edwin Harris, Director-General of GIABA, a specialized institution of the Economic Community of West African States (ECOWAS), said apart from Nigeria, Burkina Faso may likely exit the grey list when the FATF holds its plenary.

He spoke with newsmen in Guinea Bissau during the Regional Training of Journalists on Investigative Reporting of Economic and Financial Crimes in West Africa.

The training brought together 40 journalists from ECOWAS member States, comprising print, electronic, and online media organizations, focusing on building the capacity of journalists in investigative reporting.

The program was declared open by Maria De Conceicao Evora, Guinea-Bissau’s Minister of Social Communications, alongside other notable dignitaries from the country.

Speaking on the grey list, the Director-General said, “So after our mutual evaluation, okay on the second round, countries that are seen with strategic deficiency in their anti-money laundering regime are placed in the pool to go on the grey list.

“It will interest you to know that all of our countries in West Africa, I’m saying all, are in the pool to be on the grey list, all.

“Let me start with Ghana, Nigeria, Burkina Faso, Senegal, Mali, and now Côte d’Ivoire. Okay, so interestingly, Ghana left 2020. Senegal left last year, Mali left. Interestingly and hopefully, next month, at the FATF plenary in Paris, Burkina Faso and Nigeria will be out of the grey list, leaving only Cote d’Ivoire.

“So we are hopeful that GIABA will continue to support Cote d’Ivoire. But Cote d’Ivoire authorities need to strengthen themselves and exhibit the strongest political will so that Cote d’Ivoire gets out.”

The training coincided with the 25th anniversary of GIABA, the body set up in 2000 by the Authority of ECOWAS Heads of State and Government to strengthen its member States’ capacity to prevent and control money laundering and terrorist financing in the region.

Reflecting on the activities of the organization in the last 25 years, he disclosed that GIABA through its 2023-2027 Strategic Plan which aligns with ECOWAS’ Vision 2050, has achieved remarkable results in area of legal and institutional frameworks by helping to bring regulatory frameworks in line with FATF standards and the creation of Financial Intelligence Units in almost all Member States.

He stated that GIABA has provided training for thousands of key stakeholders including magistrates, judges, lawyers, investigators, customs officers, bankers, insurers, capital market operators, regulators, civil society organizations, religious leaders, youths and students and women groups.

Harris added, “In the area of cooperation: GIABA has strengthened partnerships with the FATF, European Union, German Technical Cooperation (GIZ), African Development Bank (AfDB), and other development agencies to support Member States through technical assistance.

“The fight against money laundering and terrorist financing cannot be fully effective without the active involvement of media, and particularly of you, the investigative journalists, who are our strategic allies.”

According to him, the fight against money laundering and terrorism financing can only be won if light prevails against darkness.

Minister of Social Communication in Guinea Bissau said illicit financial flows undermine the wellbeing of the society hence the need for stakeholders in the sub-region to come together to fight the crime.

She stated that the commitment of the media is crucial in the fight against corruption and economic crimes which she noted undermine the economic interests of the West African nations. (Daily Trust)