Nigeria is intensifying efforts to exit the FATF grey list by mid-2025, focusing on urgency and collaboration among agencies. Minister Doris Uzoka-Anite highlighted the importance of this initiative for investor confidence and outlined a comprehensive plan addressing regulatory deficiencies in AML and CFT. The government is committed to reforms to enhance the country’s financial integrity.
Nigeria is diligently working to exit the Financial Action Task Force’s (FATF) grey list by mid-2025. This initiative is anticipated to boost investor confidence and create new economic opportunities. The Minister of State for Finance, Doris Uzoka-Anite, announced that all relevant agencies have been tasked with urgent actions to fulfill FATF’s criteria during a recent meeting with key Ministries, Departments, and Agencies (MDAs).
Uzoka-Anite acknowledged the significance of this endeavor, urging collective efforts from all stakeholders to protect both national interests and global confidence in Nigeria’s financial systems. The FATF placed Nigeria on its grey list in February 2023 due to highlighted deficiencies in anti-money laundering (AML) and counter-terrorism financing (CFT) measures, primarily linked to inadequate regulations.
To remove itself from the grey list, Nigeria must implement a detailed action plan addressing 19 identified deficiencies within set timelines. This includes enhanced collaboration with stakeholders, effective AML procedures, and appropriate sanction mechanisms. Additionally, Nigeria must develop necessary regulatory frameworks to ensure compliance among relevant entities.
Uzoka-Anite reaffirmed the Government’s commitment to improving the country’s AML/CFT systems, expressing confidence in achieving positive outcomes. She emphasized that these reforms are crucial for demonstrating Nigeria’s adherence to international standards and for preserving the financial integrity of the nation. The Government aims to strengthen Nigeria’s global economic standing in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s Administration.
In conclusion, Nigeria’s commitment to exiting the FATF grey list by mid-2025 involves a comprehensive action plan targeting AML and CFT deficiencies. Enhancing collaboration among stakeholders and establishing robust regulatory frameworks are crucial for attaining these objectives. The Government is determined to foster greater trust in Nigeria’s financial systems while positioning the nation for improved global economic engagement.
Original Source: businessday.ng
