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

The Chief Executive Officer of the Nigeria Intelligence Unit (NFIU), Hafsat Bakari, has stated that Nigeria is on its way to be removed from the Financial Action Task Force (FAFT) list of jurisdictions under monitoring and on “grey list” countries. Speaking during its first management staff annual retreat, Bakari said the agency is working round […]

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

Speaking during its first management staff annual retreat, Bakari said the agency is working round the clock to ensure Nigeria is no longer a base for money laundering and other financial crimes.

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

She added that the agency has also strengthened its technology platforms with the planned deployment of Artificial Intelligence and Machine Learning tools to assist in operational duties in the analysis of information and data in order to fast track our processes.

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She stated that the agency is already in conformity to the federal government policy of a paperless working office environment while the Crimes Records Information Management System (CRIMS) has been deployed to more competent authorities and states of the federation to further support information sharing through a secured and encrypted tool.

“Furthermore, recognising that our remit extends beyond the borders of Nigeria and also that the nature of serious crime is transnational and the proceeds of crime knows no borders or boundaries, we have strengthened our international partnerships. Apart from being the permanent secretariat for the West African forum of FIUs covering 17-member states in Africa, we have taken a lead role in re-invigorating the Lake Chad and Sahel network of FIUs, which are cooperating to tackle terrorism financing.”

On his part, the Attorney General of the Federation, Prince Lateef Fagbemi, commended the efforts of the unit in combating ML/TF and proliferation financing.

He explained that the efforts of the unit will remain key in removing Nigeria from the Financial Action Task Force grey list which will be due in May 2025.