FATF Removes Nigeria From Global Money Laundering Watchlist

The Nigerian Financial Intelligence Unit (NFIU) has confirmed that Nigeria has been removed from the Financial Action Task Force (FATF) grey list.

The grey list comprises of countries under increased monitoring for money laundering and terrorism financing risks.

Nigeria was first placed on the list in February 2023 due to gaps identified in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.

The announcement came after the FATF’s October 2025 plenary session held in Paris, France.

According to the NFIU, this development marks a major milestone in Nigeria’s long-running efforts to strengthen its financial system and tackle serious financial crimes.

“The delisting of Nigeria underscores the country’s commitment to global standards in combating money laundering, terrorist financing, and proliferation financing,” the agency said in a statement on Friday.

“Nigeria was placed on the FATF grey list in February 2023, following the identification of strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.”

The NFIU said Nigeria has since implemented a comprehensive 19-point action plan in partnership with FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).

“Through a strategic programme of legislative reforms, institutional strengthening, and enhanced inter-agency coordination, Nigeria has demonstrated sustained commitment to financial transparency and integrity.

“Key milestones include enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022; operationalisation of the Beneficial Ownership Register, improving corporate transparency and accountability; and enhanced capacity of the intelligence, law enforcement and security agencies in detecting, analysing, and prosecuting complex financial crimes,” the NFIU stated..

Other measures included stronger supervision of non-financial businesses, enhanced cross-border cooperation with international partners, and improved systems for tracking and prosecuting complex financial crimes.

Speaking during the FATF plenary, Nigeria’s Minister of Finance, Wale Edun, reaffirmed the government’s commitment to maintaining strong anti-money laundering and counter-terrorism financing systems.

He emphasized that Nigeria’s goal went beyond merely fulfilling FATF’s conditions.

“Our focus has been on driving reforms, enacting legislative enhancements, and strengthening institutions to ensure Nigeria effectively counters money laundering and terrorist financing.

“For us, the action plan was not the ceiling, but the floor of our aspirations,” the minister stated.

The Director and CEO of the NFIU, Hafsat Bakari, who led the reform process, praised the teamwork that made the achievement possible and thanked President Bola Ahmed Tinubu for his leadership.

She described the FATF delisting as “a testament to Nigeria’s resilience and commitment to reform,” adding that it shows the world Nigeria’s readiness to meet and even surpass global standards for financial transparency and accountability.

“Nigeria’s removal from the FATF grey list is a true test of our resilience, coordination, and unwavering commitment to reform.

“It is a clear signal to the world that Nigeria can meet and exceed global standards in financial integrity,” Bakari added.

KanyiDaily also reported that Interpol arrested 11 suspected “high-level members of several terrorist groups” in Nigeria.