Nigeria exits global money-laundering watchlist
Nigeria has achieved a major global milestone with its removal from the Financial Action Task Force grey list, a decision that immediately restores international confidence in the nation’s financial system and reinforces President Bola Tinubu’s reform-driven economic agenda. The FATF, the world’s leading body on combating money laundering and terrorist financing, announced on Friday that Nigeria and three other African countries—South Africa, Mozambique, and Burkina Faso—had been delisted after demonstrating strong progress in strengthening their anti-money laundering and counter-terrorism financing frameworks.President Bola Tinubu described Nigeria’s exit as a landmark development that reflects the country’s unwavering commitment to financial integrity, transparency, and institutional reform. According to a statement by his Special Adviser on Information and Strategy, Mr. Bayo Onanuga, the delisting followed Nigeria’s full and timely completion of its FATF Action Plan, a feat achieved through over two years of sustained national reform, coordination, and improved inter-agency collaboration.
Onanuga noted that the milestone was made possible by the joint efforts of the Nigerian Financial Intelligence Unit, the Office of the Attorney-General of the Federation, the Ministry of Finance and Coordinating Minister of the Economy, and the Ministry of Interior. President Tinubu specifically commended the Director and Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their dedication, professionalism, and leadership in ensuring Nigeria’s compliance with FATF standards.
The President extended high praise, saying: “Without their diligence and sacrifice, today’s success would not have been achieved.” He added: “I thank them for their efforts and urge other institutions to emulate their commitment and integrity.” Tinubu emphasized that the delisting is not just a technical outcome but a strategic achievement that will enhance investor confidence and strengthen Nigeria’s international standing.
He concluded with a forward-looking commitment: “The exit from the FATF grey list marks the beginning of a new chapter in our economic reform journey. Nigeria will sustain the momentum of institutional reform, deepen collaboration, and build a financial system that both Nigerians and the world can trust.” Nigeria had been placed on the FATF grey list in February 2023 after the global body identified weaknesses in its anti-money laundering and counter-terrorism financing systems, subjecting the country to heightened international scrutiny, slowing financial transactions and complicating cross-border dealings.
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