Tinubu: Nigeria’s exit from money laundering watchlist marks new chapter in financial reforms
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President Bola Tinubu says Nigeria’s removal from the grey list of the Financial Action Task Force (FATF) marks a new chapter in the country’s financial reform agenda.
The FATF announced the delisting of Nigeria from its grey list of countries with deficiencies in anti-money laundering and counter-terrorism financing frameworks.South Africa, Mozambique, and Burkina Faso were among the four African countries also removed from the list.Reacting to the development in a statement by Bayo Onanuga, special adviser to the president on information and strategy, Tinubu described the development as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility”.
According to the statement, the decision follows Nigeria’s successful and timely completion of its FATF action plan, which marked more than two years of sustained effort, reform, and inter-agency coordination to strengthen the country’s anti-money laundering and counter-financing of terrorism (AML/CFT) framework.
“In February 2023, the FATF placed Nigeria on the grey list. The message from the global community was clear: the nation needed more vigorous enforcement, better coordination, and greater transparency. Rather than treat this as a setback, Nigeria viewed it as a call to action,” the statement reads.“Under President Tinubu’s strategic leadership and in line with the economic transformation agenda of his administration, Nigeria implemented far-reaching legal, institutional and operational reforms.”TINUBU COMMENDS MINISTRIES, AGENCIES FOR THEIR SUPPORT
According to Onanuga, the president said the achievement was made possible through the coordination of the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the attorney-general of the federation and minister of justice, the minister of finance and coordinating minister of the economy, as well as the minister of interior.
“President Tinubu applauded the vital support from the Secretary to the Government of the Federation, the Minister of Aviation, the Minister for Budget and Economic Planning, the Minister for Defence, the Minister for Foreign Affairs, the Minister for Solid Minerals, the Minister of State for Finance, the National Security Adviser as well as the leadership of the National Assembly and the Judiciary, in the attainment of the laudable achievement,” the statement said.
Tinubu also commended Hafsat Bakari, the director and chief executive officer of the NFIU, and the staff for their diligence in ensuring the complete and timely implementation of the country’s action plan.
He noted that the NFIU’s work has led to the recognition by the international community of the strides Nigeria has made in strengthening its measures to tackle serious crimes.
“Without their dedication and sacrifice, today’s success could not have been achieved. I thank them for their efforts and urged other stakeholders to emulate their standards,” Tinubu was quoted as saying.
Onanuga said Tinubu acknowledged the “strong support” of international partners, the governments of France, Germany, the United Kingdom, the United States, the United Nations and the European Commission, for their steadfast technical assistance during Nigeria’s reform process.
He said Nigeria’s removal from the FATF grey list is “not just a technical accomplishment, it is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance”.
“The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda as Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration and continue to build a financial system that Nigerians and the world can trust,” he said.
The statement noted that Nigeria’s efforts in completing the action plan were complemented by the its close partnership with the FATF and the Inter-governmental Action Group Against Money Laundering in West Africa (GIABA).
