The Financial Action Task Force (FATF) has officially removed Nigeria from its Grey List, signaling renewed international confidence in the country’s efforts to strengthen its anti–money laundering and counter–terrorism financing (AML/CFT) framework.
In February 2023, Nigeria was placed on the FATF Grey List, a move that signaled the international community’s reduced confidence in the country’s ability to combat money laundering, terrorism financing, and related financial crimes.
The designation indicated that Nigeria’s legal, regulatory, and institutional frameworks, while established, were not being implemented with sufficient consistency or effectiveness to meet global AML/CFT standards. As a result, the country was subjected to enhanced monitoring by the FATF, requiring it to demonstrate measurable progress through concrete reforms and enforcement actions.