Nigeria aims to exit the FATF grey list by mid-2025, enhancing investor confidence. Minister Doris Uzoka-Anite has mandated relevant agencies to meet FATF requirements. The country is addressing deficiencies in its anti-money laundering and counter-terrorism financing frameworks to strengthen compliance and regulatory measures.
Nigeria is intensifying its efforts to exit the Financial Action Task Force (FATF) grey list by mid-2025. This initiative aims to enhance investor confidence and unlock new economic opportunities. Minister of State for Finance, Doris Uzoka-Anite, has directed all relevant agencies to take immediate actions to meet FATF requirements during a recent meeting with key Ministries, Departments, and Agencies (MDAs).
Uzoka-Anite highlighted the significance of exiting the grey list for both national and global financial confidence, urging comprehensive collaboration among stakeholders to achieve this goal. In February 2023, FATF placed Nigeria on the grey list due to serious deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CFT) frameworks, raised by concerns about rising capital inflows and inadequate measures against money laundering.
To remove itself from the grey list, Nigeria must implement a robust action plan to address the 19 specific deficiencies identified by FATF, including improving AML processes and procedures and enforcing sanctions where necessary. The government also intends to establish regulatory frameworks that ensure compliance among key stakeholders.
Uzoka-Anite reaffirmed Nigeria’s commitment to rectifying shortcomings in its AML/CFT regimes, expressing confidence that the planned reforms will strengthen the nation’s financial integrity and global economic position. She articulated the government’s dedication to enhancing Nigeria’s compliance with international standards and the strategic goals outlined in President Bola Ahmed Tinubu’s Renewed Hope Agenda.
In conclusion, Nigeria is making significant strides towards meeting the FATF’s requirements to exit the grey list by mid-2025. The government is committed to addressing deficiencies in its AML/CFT frameworks and enhancing regulatory measures. With strong collaboration among relevant agencies and focus on compliance, Nigeria aims to strengthen global confidence in its financial systems, ultimately fostering economic growth.
Original Source: businessday.ng
