Ndubuisi Francis in Abuja

The global Anti-money laundering watchdog, Financial Action Task Force (FATF) has invited Nigeria to participate in its consultative processes, a remarkable  recognition of the thenation”s rising influence in the  fight against money laundering and terrorism financing.

This was according to an invitation letter addressed to the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), HafsatAbubakarBakari, by the FATF President, Elisa de AndaMadrazo.

FATF is the global body established in 1995 to lead international action to combat money laundering, terrorism, and proliferation financing.

Nigeria was on February 24, 2023 placed on the FATF Grey List due to increased capital inflows and deficiencies in combating money laundering, terrorism, and arms financing.

Since then, the country which has made significant strides to exit the grey list is on the final lap of being delisted.

The FATF  invitation  disclosed that Nigeria will be engaged under the FATF Style Regional Bodies (FSRB) jurisdictions guest initiative for a period of one year.

Although the FATF’s operational rules do not permit guest participants or observers to be involved in decision-making processes, Nigeria’s participation will allow it to contribute its national and regional perspectives to discussions, under its own flag, rather than as part of a regional bloc.

Before now, Nigeria had only participated in FATF meetings through the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) delegation.

The FSRB guest initiative is a major component of the FATF’s ongoing efforts to diversify perspectives that shape the global Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) standards. The initiative, launched by the current Mexican presidency of the FATF, also seeks to deepen understanding of FATF processes among participating countries and empower them to advocate for global financial integrity.

In her remarks on the FATF invitation, the NFIU Director/CEO, HafsatAbubakarBakari, described it as a validation of Nigeria’s ongoing reforms in the AML/CFT space.

She said, “The positive reforms of Nigeria’s AML/CFT framework are a vital part of the administration’s efforts to boost economic growth and development. This invitation by the FATF is a signal that we are on the right track and will reinforce our commitment to ensuring these standards are fully entrenched not just in Nigeria but across the wider region.”

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