At its Plenary meeting in Singapore in June 2024, the FATF approved Nigeria’s third progress report, recognising the nation’s advancements in executing the Action Plan formulated to tackle the shortcomings in counterterrorism funding and anti-money laundering measures.
The director of the Special Control Unit against Money Laundering (SCUML), the chief of staff to the CEO of the NFIU, and the executive chairman of the Economic and Financial Crimes Commission (EFCC) were among the Nigerian delegates to the Plenary.
Nigeria’s advancement and dedication to completing the Action Plan’s implementation were affirmed in a statement released on Friday and signed by Sani Tukur, Head of the NFIU, Abuja’s Strategic Communications Office.
“The Plenary approved two more upgrades in this round, and Nigeria has now completed thirty percent of the Action Plan developed as part of the listing process,” the text stated in part. The nation is expected to come off the grey list by the beginning of 2025.
“Hafsat Abubakar Bakari updated the Plenary on GIABA’s ongoing progress to strengthen its technical capacity and reaffirmed Nigeria’s commitment to fully implement the Action Plan.”
In February 2023, Nigeria was put to the “grey list,” a group of countries that are being closely watched.It is anticipated that Nigeria’s removal off the grey list will improve its standing abroad and encourage foreign investment.
