- FATF Removes Nigeria from Grey List, Commends Tinubu’s Anti-Financial Crime Reforms
- …Reveals that Mozambique, Burkina Faso, and South Africa had been delisted alongside Nigeria
- Madrazo further commended Nigeria’s reforms
The Financial Action Task Force (FATF) has officially removed Nigeria from its grey list after acknowledging the country’s strong political will and coordinated efforts to combat financial crimes under President Bola Tinubu’s administration.
Eko Hot Blog reports that FATF President, Elisa de Anda Madrazo, made the announcement on Friday during the organisation’s plenary session in Paris, France. She also revealed that Mozambique, Burkina Faso, and South Africa had been delisted alongside Nigeria.
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According to Madrazo, Nigeria’s progress over the last two years reflects genuine reform and decisive leadership.
“Nigeria has demonstrated strong political commitment to fight financial crimes. This commitment has translated into real change on the ground,” she said.
She noted that Nigeria has significantly strengthened its capacity to investigate and prosecute offences such as money laundering, drug trafficking, and terrorist financing.
Madrazo further commended Nigeria’s reforms, highlighting improvements in transparency, beneficial ownership structures, and the supervision of non-financial sectors particularly in real estate.
“We have seen government-wide policy reforms, stronger inter-agency coordination, and cooperation. These are clear signs of lasting change,” she stated.
The FATF President praised Nigeria’s sustained compliance with its action plan, saying the plenary unanimously agreed that the country had fully met its obligations.
In her words:
“The presence of three Nigerian ministers at this week’s plenary underscores the country’s seriousness in combating illicit financial flows.”
Nigeria’s Interministerial Committee on Anti-Money Laundering/Countering the Financing of Terrorism/Proliferation Financing (AML/CFT/PF) is chaired by the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), with the Minister of Finance, Wale Edun, and the Minister of Interior, Olubunmi Ojo, serving as alternate chairs.
Speaking on behalf of Nigeria, Minister of Finance Wale Edun expressed gratitude for the recognition, describing it as a milestone in Nigeria’s global financial integrity efforts.
“Nigeria is honoured to contribute to the global fight against financial crimes that threaten shared security and prosperity. We appreciate the steadfast support of our international partners including France, Germany, the UK, the U.S., and the European Commission,” Edun said.
He reaffirmed the Tinubu administration’s commitment to building a safer and more transparent financial system.
“With the resolve and dedication of the men and women back home, we will continue to work towards a safer and more secure Nigeria,” he added.
FURTHER READING
- Lagos Leads Push for Business-Friendly Justice System at ADR Forum
- Tinubu’s Support Strengthening Security Architecture
- Tinubu’s Reforms Restored Economic Stability – Sen. Abiru
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