Nigeria set to be removed from FATF’s financial ‘grey list’ – NFIU

The Chief Executive Officer of the Nigeria Intelligence Unit (NFIU), Hafsat Bakari, has stated that Nigeria is on track to be removed from the Financial Action Task Force (FAFT) list of jurisdictions under surveillance and on the “grey list” of countries.

Speaking at the first annual management staff retreat, Bakari said the agency is working day and night to ensure that Nigeria is no longer a haven for money laundering and other financial crimes.

“At the global level, we continue to lead Nigeria’s efforts to exit the Financial Action Task Force list of supervised jurisdictions, the so-called “grey list”. While we still have some steps to take, I am confident that with your support we will complete all the required steps within the next few months. The progress we have made as a country has paved the way for us to become the second African member state of the Task Force, after South Africa, in the near future.”

She added that the agency has also strengthened its technology platforms with the planned deployment of artificial intelligence and machine learning tools. These tools support operational tasks in the analysis of information and data, allowing our processes to be carried out faster.

She stated that the agency is already in compliance with the Federal Government’s policy for a paperless work environment, while the Crimes Records Information Management System (CRIMS) has been implemented across competent authorities and states of the federation to further support information sharing through a secure and encrypted tool.

“Furthermore, recognizing that our mission extends beyond the borders of Nigeria and that the nature of serious crime is transnational and the proceeds of crime know no borders or boundaries, we have strengthened our international partnerships. In addition to being the permanent secretariat for the West African Forum of FIUs covering 17 member states in Africa, we have played a leading role in revitalizing the network of FIUs in Lake Chad and the Sahel, working together to tackle terrorist financing.”

The Attorney General of the Federation, Prince Lateef Fagbemi, in turn praised the unit’s efforts in the fight against money laundering, terrorist financing and proliferation financing.

He explained that the unit’s efforts will remain essential to get Nigeria off the Financial Action Task Force’s grey list, which is due to be completed in May 2025.