By Abiola Olawale
President Bola Ahmed Tinubu has hailed Nigeria’s formal removal from the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring.
This is as the President hailed the development as a “major milestone” and a “strategic victory” for the nation’s financial integrity.
The New Diplomat reports that FATF, a global financial watchdog, responsible for setting international standards to combat money laundering and terrorism financing, on Friday announced the decision to remove Nigeria from its grey list.
The organisation said the development came following Nigeria’s successful completion of its Action Plan.
Reacting to the development, Tinubu in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the delisting is an indication that his administration is reforming Nigeria.
Nigeria was placed on the FATF grey list in February 2023. Tinubu, in the statement, noted that the country’s removal from the list was achieved through the coordinated work of the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Attorney-General of the Federation and Minister of Justice, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior.
“Without their dedication and sacrifice, today’s success could not have been achieved. I thank them for their efforts and urged other stakeholders to emulate their standards”, President Tinubu said.
According to President Tinubu, Nigeria’s removal from the FATF grey list is “not just a technical accomplishment, it is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.
“The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda as Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration and continue to build a financial system that Nigerians and the world can trust”.
