Nigeria exits FATF grey list as NBA praises EFCC

The President of the Nigerian Bar Association (NBA) has commended the Economic and Financial Crimes Commission (EFCC) following Nigeria’s removal from the Financial Action Task Force (FATF) grey list.

According to the NBA president, the exit from the list has already facilitated increased financial inflows into the country. The removal is expected to reduce administrative hurdles for legal practitioners and clients by decreasing the excessive scrutiny and enhanced due diligence typically applied to transactions from high-risk jurisdictions.

Nigeria’s removal follows intensive efforts by regulatory and law enforcement agencies to align with international standards for preventing money laundering and the financing of terrorism.