FATF applauds Nigeria’s exit from grey list
President Bola Tinubu
Abdullateef Fowewe
The President of the Financial Action Task Force (FATF), Elisa de Anda Madrazo, has officially congratulated Nigeria on its removal from the FATF grey list, praising the administration of President Bola Tinubu for demonstrating “strong political will and inter-agency collaboration” over the past two years.
Bayo Onanuga, Special Adviser to the President on Information & Strategy confirmed this in a statement on Friday.
Speaking at the FATF plenary in Paris, France, Madrazo stated, “Nigeria has demonstrated strong political commitment to fight financial crimes. However, let me be clear: it is not only that we have seen a political commitment to exit the grey list. It is because we have seen the change and the political measures put in place.”
She further underscored the country’s enhanced capabilities stating, “After sustained efforts of just over two years, Nigeria has demonstrated a stronger capacity – this is fundamental – to investigate and prosecute. This is crucially helping Nigeria to focus resources to fight crimes that harm its community the most, such as drug trafficking and terrorist financing.”
The FATF President praised Nigeria for its “government-wide policy reforms, stronger inter-agency coordination and cooperation,” and noted improvements including “an important enhancement in the transparency of the beneficial ownership structure ” and “stronger supervision in the non-financial sectors, particularly in real estate agencies.”
Highlighting Nigeria’s commitment, Madrazo acknowledged the presence of three Nigerian ministers during the week-long FATF events as a significant demonstration of the country’s resolve to combat financial crimes and illicit flows.
In a speech read on behalf of Nigeria, Minister of Finance Wale Edun said the country was “honoured to be allowed to contribute its expertise and experience to the global fight against serious crimes that threatened the shared security and prosperity of the world.
”He thanked international partners, including France, Germany, the UK, the USA, and the European Commission, stating, “With the resolve and dedication of the men and women back home, we will continue to work towards a safer and more secure Nigeria.”
Nigeria’s sustained efforts under the leadership of the Nigeria Interministerial Committee on Anti-Money Laundering/Countering the Financing of Terrorism/Proliferation Financing have been pivotal.
The committee is chaired by Attorney General and Minister of Justice, Lateef Fagbemi (SAN), with Minister of Finance Wale Edun and Minister of Interior Olubunmi Ojo as alternate chairs.
