Nigeria has taken major strides toward exiting the Financial Action Task Force (FATF) grey list, as government agencies and financial regulators intensify efforts to strengthen the country’s anti-money laundering and counter-terrorism financing framework.
This progress was revealed following ongoing evaluations by international financial oversight bodies, which acknowledged Nigeria’s recent reforms and improved compliance with FATF’s 40 Recommendations. These include enhanced regulatory frameworks, stricter enforcement mechanisms, better inter-agency collaboration, and increased prosecution of financial crimes.
The grey list comprises jurisdictions under increased monitoring for strategic deficiencies in combating money laundering and terrorism financing. Nigeria was placed on the list in 2023, prompting a coordinated national response to address the identified gaps.
The Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), and other relevant institutions have since ramped up actions aimed at restoring global confidence in Nigeria’s financial system.
Officials familiar with the process say Nigeria could be on track to be removed from the grey list in the upcoming FATF plenary review, provided current momentum is sustained and remaining benchmarks are fully met.
Exiting the grey list would improve Nigeria’s attractiveness to foreign investors, ease international financial transactions, and bolster the credibility of its economic and financial institutions.
