The Nigerian Financial Intelligence Unit (NFIU) says it is working to remove the country from a “grey list” of the Financial Action Task Force (FATF).
When a country is put on the grey list, it is under increased monitoring by the FATF.
FATF is an intergovernmental policy-making body that seeks to combat money laundering and the financing of terrorism.
In February, the agency said Nigeria is one of the countries that needs to intensify efforts to tackle money laundering and terrorism financing.
Speaking at a retreat for stakeholders from the private and public sectors in Abuja, Modibbo Hamman Tukur, NFIU’s chief executive officer (CEO), said the relevant authorities are already implementing the country’s anti-money laundering and counter-financing of terrorism (AML/CFT) framework to get Nigeria off the watchlist.
Tukur said following Nigeria’s talks with FATF, a list of 15 items were jointly agreed on to form part of the country’s action plan.
“This is a significant reduction from the 84 items identified as deficiencies in the country’s evaluation report published in August 2021,” the CEO was quoted as saying in a statement.
“Stakeholder agencies involved in the country’s AML/CFT framework together with representatives from the private sector met in May this year and agreed on a revised strategic roadmap to exit the grey list.”
On his part, Yakubu Maikyau, president of the Nigerian Bar Association (NBA), said the legal body would comply with the standards of FATF.
Maikyau, represented by Roland Ottaru, a senior advocate of Nigeria (SAN), said the NBA would partner with NFIU to organise sensitisation campaigns for members of the legal profession on effective AML/CFT measures.
