Nigeria is intensifying efforts to exit the FATF grey list by mid-2025, focusing on compliance with anti-money laundering and counter-terrorism financing measures. Minister Doris Uzoka-Anite emphasizes the urgency of necessary reforms and collaboration among agencies to meet the FATF’s requirements, aiming to strengthen Nigeria’s financial systems and boost investor confidence.
Nigeria is ramping up its initiatives to exit the Financial Action Task Force (FATF) grey list by mid-2025, which could bolster investor confidence and stimulate economic growth. Doris Uzoka-Anite, the Minister of State for Finance, announced that all relevant government agencies have been directed to take urgent actions to satisfy FATF’s requirements. This meeting’s aim was to assess the progress and strategize further efforts required for compliance.
Uzoka-Anite acknowledged the significance of leaving the grey list, stating, “We recognize the importance of exiting the grey list, not only for our national interest but also for the global community’s confidence in our financial systems.” This collaborative governmental approach is essential for achieving these objectives in the interests of national stability and international trust in financial operations.
Nigeria was placed on the FATF grey list in February 2023 due to prominent deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CFT) systems. This inclusion was mainly attributed to increased capital inflows and inadequate measures to address money laundering and terrorist financing, underscoring the need for a robust regulatory framework.
To successfully exit the grey list, Nigeria must enact a comprehensive plan addressing the identified strategic deficiencies within the designated timeframes. Notably, this includes fulfilling 19 specific items outlined by the FATF that necessitate cooperation with key stakeholders to ensure the effectiveness of AML processes and enforcement of sanctions where applicable.
Furthermore, establishing regulatory frameworks and ensuring all stakeholders conduct themselves in a compliant manner are critical to the process. Uzoka-Anite reaffirmed the government’s dedication to alleviating the issues within Nigeria’s AML/CFT protocol, expressing confidence in achieving successful reforms and stating, “We are confident that our collective efforts will yield positive results.”
The country’s endeavor to fortify its AML/CFT regime signifies a commitment to meeting international standards, enhancing Nigeria’s financial credibility, and boosting global confidence. “Our efforts will strengthen Nigeria’s position in the global economy, in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration,” she concluded.
In summary, Nigeria is accelerating its efforts to leave the FATF grey list by mid-2025, which may positively influence investor confidence and economic prospects. Under the leadership of Minister Doris Uzoka-Anite, the government is taking urgent actions to address AML and CFT weaknesses, act on FATF’s directives, and collaborate effectively with relevant agencies. By successfully implementing necessary reforms, Nigeria aims to enhance its financial integrity and bolster its position within global markets.
Original Source: businessday.ng
