The Financial Action Task Force (FATF), the global watchdog on money laundering and terrorism financing, has formally invited Nigeria to participate in its consultative processes—marking a significant acknowledgment of the country’s growing influence in combating financial crimes.
This was revealed in an invitation letter addressed to the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, by the FATF President, Elisa de Anda Madrazo.
Established in 1995, FATF leads international efforts to counter money laundering, terrorist financing, and the financing of weapons proliferation.
Nigeria was placed on the FATF Grey List on February 24, 2023, due to concerns over increased capital inflows and gaps in its anti-money laundering and counter-terrorism financing frameworks. However, the country has made considerable progress toward addressing these deficiencies and is now in the final stages of being removed from the list.
Under the invitation, Nigeria will participate in FATF’s consultative sessions for one year through the FATF-Style Regional Bodies (FSRB) guest initiative. Although this status does not grant voting rights or decision-making power, it allows Nigeria to contribute its own national and regional perspectives—under its flag—rather than through a regional bloc.
Previously, Nigeria engaged with FATF activities only via the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) delegation.
The FSRB guest initiative, spearheaded by the current Mexican presidency of the FATF, aims to broaden the diversity of views that inform global Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) standards. It also seeks to enhance participants’ understanding of FATF processes and bolster their role in advancing global financial integrity.
Reacting to the invitation, NFIU Director/CEO Hafsat Abubakar Bakari described it as a validation of Nigeria’s recent reforms in the AML/CFT space.
She stated, “The positive reforms of Nigeria’s AML/CFT framework are a vital part of the administration’s efforts to boost economic growth and development. This invitation by the FATF is a signal that we are on the right track and will reinforce our commitment to ensuring these standards are fully entrenched not just in Nigeria but across the wider region.”
