The Central Bank of Nigeria (CBN) welcomes the Financial Action Task Force’s (FATF)
formal announcement of Nigeria’s removal from the list of jurisdictions under increased
monitoring, known as the “grey list”, following a successful on-site evaluation of reforms
implemented across the financial system.
The FATF decision recognises significant improvements in Nigeria’s regulatory, supervisory,
and enforcement frameworks, particularly in combating money laundering, terrorist financing,
and proliferation financing. It marks an important milestone in the country’s continuing efforts
to strengthen financial system integrity, transparency, and international confidence.
The FATF’s decision follows a two-year reform programme coordinated by the Federal
Government of Nigeria, involving multiple agencies including the CBN, the Federal Ministry
of Justice, the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial
Crimes Commission (EFCC).
The CBN’s contribution centred on enhancing supervision, governance, and transparency
across the financial system. Key reforms assessed by the FATF and the Inter-Governmental
Action Group Against Money Laundering in West Africa (GIABA, FATF’s regional assessment body, included:
• Strengthened oversight of financial institutions through updated AML/CFT regulations,
risk-based supervision, and fit-and-proper assessments.
• Expansion of compliance reporting and monitoring across remittance channels,
bureaux de change, and fintech platforms to improve traceability and transparency.
• Enhanced inter-agency data-sharing and enforcement coordination between the CBN,
NFIU, EFCC, and law-enforcement bodies.
• Implementation of market governance tools, including the Foreign Exchange Code
(FX Code) and Electronic Foreign Exchange Matching System (EFEMS).
Together, these measures have materially strengthened Nigeria’s compliance with global
standards and reinforced confidence in the integrity of its financial system.
About advertisement or advice call this Number +2348032077835
For more information about Alfijir labarai/Alfijir news Fallow here 👇
https://twitter.com/Musabestseller?s=09
https://www.facebook.com/profile.php?id=100089640289165
https://www.threads.net/@alfijirlabarai
https://www.youtube.com/@BestsellerChannel12
https://www.instagram.com/musa_bestseller?utm_source=qr&r=nametag
Alfijir labarai Alfijir News Whatsapp Group 👇👇
https://chat.whatsapp.com/H5oBRaZBdCVIyOTIV5eMfb?mode=ac_t