Nigeria Exits Global Financial Crimes Watch List After 2 Years

The Financial Action Task Force (FATF) has removed Nigeria from its grey list, following Nigeria’s successful and timely completion of its FATF Action Plan.

The country’s removal is coming over two years of sustained effort, reform and inter-agency coordination to strengthen the country’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

The Nigerian Financial Intelligence Unit (NFIU) announced Nigeria’s official exit from the list of jurisdictions under increased monitoring, commonly known as the grey list.
The NFIU said Nigeria was removed from the list by the FATF at its October 2025 Plenary in Paris, France.
According to the NFIU the “milestone” marks a historic moment in Nigeria’s fight against serious financial crimes.

“The delisting of Nigeria underscores the country’s commitment to global standards in combating money laundering, terrorist financing, and proliferation financing.

“Nigeria was placed on the FATF grey list in February 2023, following the identification of strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework,” the agency said in a statement on Friday.

It explained that Nigeria had worked over the past two years resolutely to address the concerns through a 19-point action plan developed in collaboration with the FATF and its regional counterpart, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).

“Through a strategic programme of legislative reforms, institutional strengthening, and enhanced inter-agency coordination, Nigeria has demonstrated sustained commitment to financial transparency and integrity.

“Key milestones include enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022; operationalisation of the Beneficial Ownership Register, improving corporate transparency and accountability; and enhanced capacity of the intelligence, law enforcement and security agencies in detecting, analysing, and prosecuting complex financial crimes,” the NFIU stated.

Others are the implementation of stronger supervisory and preventive measures by the public and private sector authorities to prevent the abuses of Nigeria’s financial system to facilitate criminal activity, increased international cooperation, and cross-border intelligence exchange with regional and global partners, and improved supervision of Designated Non-Financial Businesses and Professions (DNFBPs).
Speaking on behalf of Nigeria at the plenary by a high-level delegation, the Minister of Finance, Wale Edun, reaffirmed Nigeria’s commitment to strong Anti-Money Laundering and Counter-Financing of Terrorism systems.

He said Nigeria’s ambition was never limited to simply completing the action plan and exiting the grey list.

“Our focus has been on driving reforms, enacting legislative enhancements, and strengthening institutions to ensure Nigeria effectively counters money laundering and terrorist financing.

“For us, the action plan was not the ceiling, but the floor of our aspirations,” the minister stated.

He further noted that Nigeria’s commitment goes beyond compliance as it reflects a national transformation agenda that prioritises transparency, integrity, and accountability.

The director/chief executive officer of the NFIU, Ms. Hafsat Bakari, who has overseen Nigeria’s efforts to implement the reform roadmap, commended the collective effort that led to this achievement.
She also thanked President Bola Ahmed Tinubu for his leadership and strategic guidance and for ensuring that Nigeria’s reform process remained firmly on track.

“Nigeria’s removal from the FATF grey list is a true test of our resilience, coordination, and unwavering commitment to reform.

“It is a clear signal to the world that Nigeria can meet and exceed global standards in financial integrity,” Bakari added.