Nigeria is ramping up its reforms to exit the FATF grey list by mid-2025, aiming to enhance investor confidence and open new economic opportunities. The Minister of State for Finance emphasized the urgency of implementing necessary measures to address the FATF’s concerns regarding anti-money laundering and counter-terrorism financing frameworks, involving comprehensive action plans and stakeholder collaboration.
Nigeria is enhancing its initiatives to exit the Financial Action Task Force’s (FATF) grey list by mid-2025. This move is projected to bolster investor confidence and generate new economic prospects. The Minister of State for Finance, Doris Uzoka-Anite, announced that all relevant agencies have been tasked with taking immediate and effective action to meet FATF standards.
In a recent meeting with various Ministries, Departments, and Agencies (MDAs), Minister Uzoka-Anite underlined the significance of this endeavor for both national interests and global confidence in Nigeria’s financial systems. She stated, “All hands must therefore be on deck to ensure the realization of these objectives.”
Nigeria was added to the FATF grey list in February 2023 due to notable shortcomings in its anti-money laundering (AML) and counter-terrorism financing (CFT) frameworks. Concerns arose regarding increasing capital inflows and inadequate measures to combat financial crimes, highlighting the necessity for enhanced regulatory frameworks.
To successfully exit the grey list, Nigeria must implement a detailed action plan to resolve strategic deficiencies by adhering to specific deadlines. This plan encompasses addressing 19 items identified by the FATF, further collaboration with stakeholders, and ensuring effective AML protocols while applying sanctions when appropriate.
Uzoka-Anite reiterated the Government’s dedication to Nigeria’s removal from the grey list, stating, “We are working tirelessly to address the remaining deficiencies in our AML/CFT regime, and we are confident that our efforts will yield positive results.” She highlighted that the reforms aim to affirm Nigeria’s commitment to international standards and enhance the nation’s financial integrity.
The Minister expressed confidence that collective efforts would yield positive outcomes, thereby reinforcing Nigeria’s position in the global economy under the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
In conclusion, Nigeria is actively pursuing reforms to exit the FATF grey list by mid-2025, which is anticipated to boost investor confidence and enhance economic opportunities. With a focused action plan addressing specific deficiencies in its anti-money laundering and counter-terrorism financing frameworks, the Nigerian Government demonstrates its commitment to international financial standards. The success of these efforts could significantly strengthen Nigeria’s standing in the global economic landscape.
Original Source: businessday.ng
