Nigeria’s delisting FATF from financial crime Watch List to boost inv– SEC boss

Securities and Exchange Commission (SEC) has said that the removal of Nigeria from the Financial Action Task Force (FATF) grey list reflects the country’s clear policy direction. On Friday, FATF announced the delisting of Nigeria from its grey list of countries with deficiencies in anti-money laundering and counter-terrorism financing frameworks. Speaking on Channels Television’s Morning Brief, SEC’s Director General, Emomotimi Agama, said the development would boost investor confidence. Agama noted that investors would realise the Federal Government’s efforts to strengthen the nation’s anti-money laundering and countering the financing of terrorism. He said that the development would chart a new course for the country, boost the nation’s economy, and that foreign investors would be attracted to Africa’s most populous nation. “It means so much for us in the capital market; it means so much for us in the financial system. It brings about something that we have been craving for – investor confidence.
“The release of Nigeria from the FATF grey list means that investors confidence would be boosted. Delisting from that grey list sends a very strong signal to investors and trading partners that Nigeria has made significant progress in strengthening its anti-money laundering and countering of financing of terrorism regulations. That is very significant in the space of financial investment. For Nigerians as a whiole, this is welcome call to new investments into our economy and boosting of the economy in terms of productivity.” In February 2023, Nigeria was placed on the grey list after the FATF identified strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) systems. However, more than two years later, the FATF removed Nigeria from the list following the country’s successful implementation of a 19-point action plan aimed at strengthening its AML/CFT framework.
Reacting in a statement on Friday, Tinubu described the development as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.”
According to a statement by presidential spokesman, Bayo Onanuga, the President applauded the vital support from the Secretary to the Government of the Federation, the Minister of Aviation, the Minister for Budget and Economic Planning, the Minister for Defence, the Minister for Foreign Affairs, the Minister for Solid Minerals, the Minister of State for Finance, the National Security Adviser as well as the leadership of the National Assembly and the Judiciary, in the attainment of the laudable achievement. Tinubu also commended the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, and the staff for their diligence in ensuring the complete and timely implementation of the country’s Action Plan. He said that the NFIU’s work has led to the recognition by the international community of the strides Nigeria has made in strengthening its measures to tackle serious crimes.