[CLSTR]
< Back to situations

Monitor this situation.

[SITUATION] · [QUIET] · [BUSINESS]

2 clusters · 4 sources · 14 days · First seen · Last updated

Nigeria FATF compliance and grey list exit

Overview

Nigeria has successfully exited the Financial Action Task Force (FATF) grey list, a milestone attributed to intensive efforts by regulatory and law enforcement agencies to meet international standards for preventing money laundering and terrorism financing. The President of the Nigerian Bar Association noted that the removal has already facilitated increased financial inflows and is expected to reduce administrative hurdles and excessive scrutiny for legal practitioners and clients.

Following this removal, the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) have begun preparations for the 2027 FATF Mutual Evaluation Exercise. Through a stocktake in Abuja, these agencies aim to review progress, identify regulatory gaps, and enhance inter-agency cooperation. EFCC Executive Chairman Ola Olukoyede emphasized that these proactive measures are necessary to maintain compliance and avoid returning to the grey list, which could negatively impact the national economy through reduced capital inflows and increased transaction costs.

Entities

Economic and Financial Crimes Commission · Financial Action Task Force · Ola Olukoyede · Nigeria · Nigerian Financial Intelligence Unit

Timeline

  1. [BUSINESS] 2 sources
    Nigeria's EFCC and NFIU begin preparations for 2027 FATF evaluation

    Nigeria's EFCC and NFIU have begun a three-day review to prepare for the 2027 FATF mutual evaluation, aiming to maintain compliance with international anti-money laundering and counter-terrorist financing rules

  2. [BUSINESS] 2 sources
    Nigeria exits FATF grey list as NBA praises EFCC

    The Nigerian Bar Association praised the EFCC for its role in Nigeria’s removal from the FATF grey list, noting increased financial inflows and reduced transaction scrutiny.

Sources

businesselitesafrica.com · orientalnewsng.com · premiumtimesng.com · punchng.com