FATF Lauds Nigeria, Approves Fifth Progress Report on AML/CFT Compliance
The Monetary Motion Process Power (FATF) has accepted Nigeria’s fifth progress report for the reason that nation was positioned below jurisdictional monitoring in February 2023.
Throughout its Plenary session in Paris, France at present (Friday), FATF acknowledged Nigeria’s progress in implementing the Motion Plan collectively agreed upon with the organisation’s Worldwide Cooperation Evaluate Group (ICRG).
The plan goals to handle deficiencies recognized within the 2021 Anti-Cash Laundering and Counter-Terrorist Financing (AML/CFT) Mutual Analysis Report.
In response to a press assertion from the Nigerian Monetary Intelligence Unit (NFIU) workplace, “The approval marks a major step in Nigeria’s efforts to strengthen monetary transparency and improve world compliance requirements.
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“The Plenary additionally recognised the continued high-level political dedication of Nigeria to the continued reforms and the measures taken by all stakeholders, coordinated by the Nigerian Monetary Intelligence Unit (NFIU), to enhance the effectiveness of the nation’s AML/CFT regime.
“The sustained progress demonstrates that Nigeria is properly positioned to finish the Motion Plan earlier than the deadline of Could 2025 and to exit the FATF’s gray listing earlier than the tip of the yr.”
The Director/Chief Government Officer of the NFIU, Ms. Hafsat Abubakar Bakari, led Nigeria’s delegation to the FATF conferences and in addition delivered a presentation in the course of the aspect occasion on “Ladies within the FATF World Community.”
Different selections taken in the course of the Plenary embrace the elimination of the Philippines from the greylist whereas including the Lao Folks’s Democratic Republic and Nepal to the listing.
