Table of Contents
- Delisting from FATF Gray List
- FATF Plenary Meeting
- Other Countries Removed
- Efforts Against Financial Crimes
- Nigeria's Success
- President's Statement
- About FATF
The Financial Action Task Force (FATF) has removed Nigeria from its “gray” list of nations that have shortcomings in their anti-money laundering and counter-terrorist financing systems.
This announcement was made at the conclusion of a plenary meeting held on Friday.
According to DAILY POST, South Africa, Mozambique, and Burkina Faso were among the four African nations taken off the list.
The global financial oversight body indicated that the governments of these countries had intensified their efforts to tackle money laundering and terrorist financing.
This decision reportedly followed Nigeria's successful and timely execution of its FATF Action Plan, which reflects over two years of consistent efforts, reforms, and inter-agency collaboration aimed at enhancing the country's Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
Additionally, President Bola Tinubu characterized this development as a significant milestone in Nigeria’s path towards economic reform, institutional integrity, and global credibility.
DAILY POST also reports that the Financial Action Task Force is the leading international standard-setting organization dedicated to combating money laundering, terrorist financing, and the proliferation of financing.
Frequently Asked Questions
What does it mean for Nigeria to be delisted by FATF?
Being delisted by FATF indicates that Nigeria has made significant improvements in its anti-money laundering and counter-terrorist financing systems, enhancing its global standing and credibility.
What are the implications of this decision for Nigeria?
This decision is expected to boost investment and economic activities in Nigeria, as it reflects the country's commitment to financial integrity and compliance with international standards.
