President of the Financial Action Task Force (FATF), Elisa de Anda Madrazo, has congratulated Nigeria for being officially removed from the grey list after more than two years of consistent efforts in strengthening its anti-financial crime framework.
Speaking at the FATF plenary session held in Paris, France, Madrazo commended the Nigerian government under President Bola Tinubu for demonstrating strong political will and effective inter-agency collaboration in combating money laundering, terrorist financing, and other financial crimes. She also announced that three other African countries—Mozambique, Burkina Faso, and South Africa—have been removed from the grey list.
“Nigeria has demonstrated strong political commitment to fight financial crimes. However, let me be clear: it is not only that we have seen a political commitment to exit the grey list… It is because we have seen the change and the political measures put in place,” Madrazo said.
She further highlighted that the FATF’s decision was based on concrete progress recorded on the ground. “In Nigeria, we have seen that political commitment that has translated to the change we have seen on the ground. After sustained efforts of just over two years, Nigeria has demonstrated a stronger capacity – this is fundamental – to investigate and prosecute. This is crucially helping Nigeria to focus resources to fight crimes that harm its community the most, such as drug trafficking and terrorist financing,” she added.
Madrazo also praised Nigeria’s government for implementing wide-ranging policy reforms that enhanced transparency and improved coordination among agencies. She noted that “we have seen an important enhancement in the transparency of the beneficial ownership structure. On the supervisory side, we have seen stronger supervision in the non-financial sectors, particularly in real estate agencies.”
According to her, Nigeria’s completion of its FATF action plan and the visible political measures in place led to the unanimous decision to remove the country from the list. She urged the Nigerian authorities to sustain their efforts, stating, “We have seen that Nigeria has fully addressed the action plan and exited the grey list. I urge Nigeria to continue its good work for the benefit of the Nigerian people.”
She further pointed out that the presence of three Nigerian ministers at the FATF events in Paris reflected the seriousness of the country’s commitment to global financial integrity and transparency.
The Nigeria Interministerial Committee on Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT/PF) is chaired by the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN). The Minister of Finance, Wale Edun, and the Minister of Interior, Olubunmi Ojo, serve as alternate chairs.
In a speech presented on behalf of Nigeria, Finance Minister Wale Edun expressed appreciation to the international community for its consistent support. “Nigeria is honoured to be allowed to contribute its expertise and experience to the global fight against serious crimes that threaten the shared security and prosperity of the world,” he said.
He acknowledged the assistance received from international partners, including France, Germany, the United Kingdom, the United States of America, and the European Commission, throughout the reform process. “With the resolve and dedication of the men and women back home, we will continue to work towards a safer and more secure Nigeria,” he added.