CBN celebrates Nigeria’s removal from FATF ‘grey list’

The Central Bank of Nigeria (CBN) on Saturday expressed satisfaction with the Financial Action Task Force’s (FATF) removal of Nigeria from the list of jurisdictions under increased monitoring, known as the “grey list”.

The CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali,  said in a statement in Abuja, the removal followed a successful on-site evaluation of reforms implemented across the financial system.

The grey list refers to the list of countries under increased monitoring by FATF.

It is an international body that sets standards to combat money laundering, terrorism, and proliferation financing (financing of weapons of mass destruction.

Nigeria was included on the FATF grey list in February 2023 over strategic deficiencies in the country’s systems for combating money laundering, terrorist, and proliferation financing.

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According to the CBN spokesperson, the FATF decision recognised significant improvements in Nigeria’s regulatory, supervisory, and enforcement frameworks, particularly in combating money laundering, terrorist and proliferation financing.

She stressed that the development marked an important milestone in the country’s continuing efforts to strengthen financial system integrity, transparency, and international confidence.

“The FATF’s decision follows a two-year reform programme coordinated by the Federal Government, involving multiple agencies.

“These include the CBN, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC),” she stated,

Sidi-Ali said the CBN’s contribution centred on enhancing supervision, governance, and transparency across the financial system.

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