Nigeria’s Exit From Financial Action Task Force Grey List Linked To Inter-agency Collaboration

The Nigerian Financial Intelligence Unit (NFIU) has attributed the country’s exit from the Financial Action Task Force (FATF) Grey List and the European Union’s decision to remove Nigeria from its list of high-risk third countries by the end of January 2026 to sustained inter-agency collaboration.

NFIU’s chief executive officer, Hafsat Abubakar Bakari, who spoke on the feat, said it was a proof of the credibility and sustainability of Nigeria’s reforms.

He appreciated ministries, departments and agencies (MDAs), the legislature, the judiciary, the private sector and non-profit organisations for their coordinated actions and commitment towards the success. Bakari said the decisions by global anti-money laundering and counter-terrorism financing bodies validate the extensive reforms implemented since 2023 and underscore a whole-of-government and whole-of-society approach to tackling illicit finance.

According to her, “Nigeria’s exit from the FATF Grey List and the EU high-risk list reflects the strength of our collective resolve and the effectiveness of sustained, coordinated reforms. It reinforces international confidence in Nigeria’s financial system.”

She further noted the strategic role played by the inter-ministerial committee on AML/CFT/CPF, led by key ministers including the attorney-general of the federation, ministers of finance, interior and state for finance, in ensuring policy coherence and momentum and also acknowledged the leadership of President Bola Ahmed Tinubu, noting that his commitment to building a safe and prosperous Nigeria was central to the success recorded.

According to the NFIU, “regulatory and supervisory agencies such as the Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission and EFCC’s SCUML strengthened risk-based supervision, suspicious transaction reporting and targeted financial sanctions.”

Law enforcement agencies, including the Nigeria Police Force, EFCC, ICPC, DSS, NDLEA and others, were credited with improved investigation and prosecution of high-risk offences, while border agencies enhanced detection of cross-border cash smuggling and illicit trade.

The NFIU also commended the judiciary for timely adjudication and deterrent sanctions, the National Assembly for providing strong legislative backing, and the private sector and non-profit organisations for improving compliance across financial and non-financial sectors.