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The Director of the Lagos Business School Public Sector Initiative, Prof. Franklin Ngwu, has stated that without substantial reforms, Nigeria may risk being placed back on the Financial Action Task Force (FATF) grey list.
Ngwu made this remark on Monday during an interview on Arise Television, which was monitored by DAILY POST.
This statement follows concerns regarding several countries that have deficiencies in their anti-money laundering and counter-terrorist financing frameworks.
He remarked that Nigeria has not performed adequately in recent years in terms of combating money laundering and corruption.
“Nigeria has struggled in recent years concerning money laundering and corruption, which resulted in its placement on the grey list.
“While it seems we have implemented corrective measures that led to our removal, there is no assurance that we will not experience a setback,” he added.
Frequently Asked Questions
What is the FATF grey list?
The FATF grey list consists of countries that are under increased monitoring due to deficiencies in their anti-money laundering and counter-terrorist financing frameworks.
What are the implications of being on the grey list?
Being on the grey list can lead to increased scrutiny from international financial institutions, potential restrictions on financial transactions, and a negative impact on foreign investment.
What corrective measures can Nigeria take?
Nigeria can enhance its regulatory frameworks, improve law enforcement responses to financial crimes, and strengthen international cooperation to combat money laundering and terrorism financing.
Eze Chidiebere Paul
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