EFCC and the Financial Intelligence Unit Collaborate to Exit Nigeria from FATF’s Grey List

EFCC and the financial intelligence unit collaborate to exit Nigeria from FATF’s grey list. The Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU) have developed new strategies to tackle Nigeria’s removal from the Financial Action Task Force (FATF) grey list.

EFCC and the Financial Intelligence Unit Collaborate

EFCC and the Financial Intelligence Unit Collaborate

The plans were discussed during a recent meeting between Ola Olukoyede, Executive Chairman of the EFCC. As well as, Hafsat Abubakar Bakari, Director, and CEO of the NFIU, where addressing the FATF challenge was a primary focus.

This development comes as Nigeria faces the deadline to submit action plans by May 2025 to exit the FATF grey list, or risk being moved to the “black list.”

During the meeting, Olukoyede emphasized the EFCC’s commitment to removing Nigeria from the FATF’s grey list. He stressed that the EFCC’s efforts are not only aimed at meeting international standards but also at fostering the country’s growth and development.

“Foreign interests alone must not drive us to do what is right but the interest of our country. We should always do what is right at all times, not just to satisfy any foreign interests but because right is right. Let’s carry out the action plan to grow our economy,” Olukoyede stated.

What You Should Know About the FATF

The FATF lists countries that don’t do enough to stop crimes like money laundering and funding terrorism. Out of 131 countries, 106 are on the list. 82 have fixed the issues and are off the list.

Nigeria Was Put On the “Grey List” In February 2023     

Nigeria was put on the “Grey List” in February 2023. They need to finish 19 tasks by Q2 2025 to get off the list. The Central Bank of Nigeria gave rules to Bureau de Change (BDC) operators to follow global anti-money laundering and terrorism financing standards.

Other African Countries on the List

Other African countries like Mali, Burkina Faso, Cameroon, Mozambique, South Africa, Namibia, Tanzania, and Kenya are also on the list.

Kenya might make new laws for cryptocurrency trading to stop money laundering and funding terrorism and to impress the FATF. They’re working on a plan, but in February 2024, the FATF said Kenya and Namibia need to be watched more closely.



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