We’re working to remove Nigeria from grey list for money laundering, says NFIU boss

Hafsat Bakari, the chief executive officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), says the country has earned more upgrades in the fight against money laundering.

Bakari spoke in Abuja on Tuesday during a roundtable discussion organised by NFIU and the London Stock Exchange Group (LSEG).

The theme of the roundtable was “Public-private partnership as a platform to support collaboration among AML/CFT/CPF stakeholders”

Bakari said Nigeria has achieved upgrades in five key recommendations from the financial action task force (FATF).

The FATF is an intergovernmental policy-making body that seeks to combat money laundering and the financing of terrorism.

In 2023, Nigeria was listed on the grey list by FATF over deficiencies in tackling money laundering and terrorism financing.

When a country is put on the grey list, it is under increased monitoring by the FATF.

Speaking on the ATF grey list issue, the NFIU boss said Nigeria is “compliant or largely compliant” with 37 out of the 40 FATF recommendations.

She added that the country is aiming at full compliance by 2025 to score 40 out of 40 recommendations.

“I would like to commend all the agencies, especially those in the inter-ministerial committee, for the tremendous work we have done to get Nigeria off the grey list,” she said.

“We are determined to address the remaining deficiencies before we conclude this round of evaluations.

“We have been on the grey list three times, and I think that is enough for a country. So hopefully, after the next round, we don’t expect to ever be in the grey list again. And that is what we are working on.”

Bakari said financial crimes are capable of undermining the economy of any country, noting that the threats exploit regulatory gaps.

She emphasised the need for collaboration in the fight against money laundering and other financial crimes.

“As we convene today, Nigeria and the global community face a growing and interconnected web of financial crimes that undermine our economic integrity, threaten our national and global security, and facilitate the spread of weapons and other illicit goods that destabilise our region,” she said.

“These threats are not only complex but also international in nature, taking advantage of gaps in oversight, gaps in regulation, and gaps in enforcement.

“More importantly, the networks that facilitate these crimes, exploit weaknesses in our ability to work together and share information across all the stakeholders involved in the fight against financial crime.

“No one organisation, public or private, has the capacity to confront these challenges in isolation. It’s only through cooperation that we can expect to win.”