The Financial Action Task Force, FATF, has delisted Nigeria from its “gray” list of countries with deficiencies in anti-money laundering and counter-terrorist financing frameworks.
FATF made this disclosure at the end of a plenary meeting on Friday.
South Africa, Mozambique, and Burkina Faso were among the four African countries removed from the list.
The global finance watchdog said the countries’ governments stepped up efforts to combat money laundering and terrorist financing.
The decision reportedly followed Nigeria’s successful and timely completion of its FATF Action Plan, marking over two years of sustained effort, reform and inter-agency coordination aimed at strengthening the country’s Anti-Money Laundering and Counter-Financing of Terrorism, AML/CFT, framework.
Meanwhile, President Bola Tinubu described the development as a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.
The Financial Action Task Force is the world’s foremost standard-setting body for combating money laundering, terrorist financing and proliferation financing.
