Nigeria Officially Exits Financial Crime’s Grey List

By Adedapo Adesanya

Nigeria has officially exited the grey list of countries subject to increased monitoring for illicit money flows, driven by stronger inter-agency coordination.

The Paris-based Financial Action Task Force (FATF) announced the development at a plenary meeting on Friday, also removing South Africa, Mozambique, and Burkina Faso from the list.

The successful removal of Nigeria from the grey list will not only bolster investor confidence and unlock new economic opportunities but also demonstrate the country’s dedication to upholding international standards and promoting a safer, more transparent global financial system.

Since being put on the grey list, Nigeria has been placed under increased monitoring by the FATF, and this has had consequential effect on transactions involving the country, as well its international outlook for business.

For countries to be removed from the Grey List, the concerned countries must address the shortfalls identified in FATF’s recommendations by strengthening their Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT)/Countering Proliferation Financing (CPF) regimes.

The FATF said South Africa had sharpened tools to detect money laundering and terrorist financing, Nigeria had stronger inter-agency coordination, Mozambique had improved financial intelligence sharing and Burkina Faso had enhanced oversight of financial institutions and gatekeepers.

“With each plenary we seek to make the world’s defence against criminals stronger, and we have made a number of updates on our grey list,” Ms Elisa de Anda Madrazo, president of the FATF, told a press conference. “And this plenary has been very positive, a positive story for the continent of Africa,” she said.