Nigeria Accelerates Reforms to Exit FATF Grey List by 2025

Nigeria is intensifying reforms to exit the FATF grey list by mid-2025, aiming to boost investor confidence and economic opportunities. The Minister of State for Finance, Doris Uzoka-Anite, highlighted the government’s directive to relevant agencies to meet FATF requirements and emphasized the importance of removing deficiencies in the country’s financial frameworks.

Nigeria is actively stepping up its reforms to exit the Financial Action Task Force (FATF) grey list by mid-2025. This move is anticipated to enhance investor confidence, opening new economic opportunities. Doris Uzoka-Anite, the Minister of State for Finance, announced that the government has instructed relevant agencies to take immediate actions to fulfill FATF requirements during a meeting with various Ministries, Departments, and Agencies (MDAs).

Uzoka-Anite emphasized the significance of leaving the grey list for 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.” FATF placed Nigeria on its grey list in February 2023, citing serious deficiencies in the country’s anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks, which raised alarms about capital inflows and inadequate measures against financial crimes.

To achieve its exit, Nigeria must enact a comprehensive action plan addressing 19 specific issues identified by FATF within set deadlines. Key actions include enhancing cooperation among stakeholders, ensuring effective AML processes, and applying sanctions appropriately. The establishment of necessary regulatory frameworks is also crucial for compliance.

The Minister reiterated the government’s commitment to addressing existing deficiencies in the AML/CFT regime, asserting that they are “working tirelessly” to meet these challenges. The initiatives aim to reflect Nigeria’s dedication to international standards, enhancing its financial integrity and global economic confidence. Additionally, she stated, “We are confident that our collective efforts will yield positive results and further strengthen Nigeria’s position in the global economy.”

In conclusion, Nigeria’s strategic plan to exit the FATF grey list by mid-2025 is a critical endeavor aimed at improving its financial reputation and attracting investment. The commitment from the Nigerian government, alongside collaboration with relevant agencies, underscores a focused approach to tackling existing deficiencies in their financial systems. The actions being implemented will not only reflect compliance with international standards but also bolster Nigeria’s overall economic stability and growth.

Original Source: businessday.ng