The Digest:
Nigeria has successfully exited the FATF grey list following two years of intensive financial system reforms that addressed critical deficiencies in anti-money laundering and counter-terrorism financing. The delisting, announced at the global watchdog's October plenary, marks a significant victory for Nigeria's financial credibility after implementing a demanding 19-point action plan under strict timelines.
Key Points:
- Nigeria removed from FATF grey list after two years of enhanced monitoring.
- The country was originally listed in February 2023 over 15 strategic deficiencies.
- Authorities implemented a rigorous 19-point action plan to secure delisting.
- Key reforms included new anti-money laundering and terrorism prevention laws.
- Nigeria established a Beneficial Ownership Register and strengthened the NFIU.
- The country had previously been on FATF's non-cooperative list from 2001-2006.
- Next mutual evaluation is scheduled for 2027 to sustain progress.
Sources: Premium Times
