The Nigerian Financial Intelligence Unit(NFIU) says the country has secured additional grades in its fight against terrorism financing and money laundering.
The agency noted that the ratification was done at a meeting of the Group Against Money Laundering in West Africa technical commission, which took place between November 17 and 23, 2024 in Freetown, the Republic of Sierra Leone.
Financial Action Task Force had in 2023 grey-listed Nigeria due to a rise in capital inflows and deficiencies in combating money laundering, terrorism and arms financing.
However, in a statement on Sunday,24 November, 2024, the NFIU said Nigeria has been adjudged Compliant (C) or Largely Compliant in 37 out of the 40 recommendations.
The NFIU said this was after the country’s removal from the partially-compliant category.
“It would be recalled that Nigeria has, since its inclusion in the GIABA Enhanced Follow-Up Process in 2021, submitted three reports seeking re-rating in recommendations with Non-Compliant/Partially Compliant Rating. As it stands today, Nigeria is Compliant (C) or Largely Compliant (LC) in 37 out of the 40 Recommendations.
“To this end, member states of GIABA and international partners, including the FATF, have commended Nigeria on these efforts. This achievement will further strengthen the country’s mechanism in combating money laundering, terrorist financing, proliferation financing, and other predicate offences,” the statement said.
The NFIU noted that the report was Nigeria’s third since the grey-listing, and discussed at the plenary which recognised the remarkable improvement in Nigeria’s legal and regulatory framework and upgraded five key recommendations from partially Compliant to Largely Compliant.
“During the plenary, Nigeria’s 3rd Follow-Up Report was discussed, focusing on its progress in addressing technical compliance deficiencies identified in its 2021 AML/CFT Mutual Evaluation. The Follow-Up report highlighted Nigeria’s enhanced measures in anti-money laundering and counter-terrorism financing.
“The Plenary recognised the remarkable improvement in Nigeria’s legal and regulatory framework and upgraded five key recommendations from Partially Compliant to Largely Compliant.
“The recommendations upgraded include Recommendation 23 on Other Measures Relevant to Designated Non-Financial Businesses and Professionals, Recommendation 24 on Transparency and Beneficial Ownership of Legal Persons, Recommendation 25 on Transparency and Beneficial Ownership of Legal Arrangements, Recommendation 28 on Regulation and Supervision of DNFBPs and Recommendation 32 on Cash Couriers,” the statement said.
