Nigeria, South Africa deepen economic ties, move to implement Bi-National Commission

By Joy Baba-Yesufu

The Financial Action Task Force (FATF) has officially removed Nigeria from its list of jurisdictions under increased monitoring, commonly known as the “grey list.”
The decision was reached at the FATF October 2025 Plenary held in Paris, France, following Nigeria’s successful completion of a 19-point action plan to strengthen its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
Nigeria was placed on the grey list in February 2023 after the global financial watchdog identified weaknesses in its AML/CFT systems. Over the past two years, the Federal Government worked closely with FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) to close identified gaps through legislative reforms, institutional capacity-building, and enhanced inter-agency collaboration.
Key reforms highlighted by the FATF include the enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022; the operationalisation of the Beneficial Ownership Register; and improved supervision of Designated Non-Financial Businesses and Professions.
Announcing the development in a statement on Friday, the Director and Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakari, described the delisting as “a historic moment in Nigeria’s fight against serious financial crimes.”
According to her, the decision reflects Nigeria’s sustained commitment to financial transparency and global standards in combating money laundering, terrorist financing, and proliferation financing.
Bakari said Nigeria had significantly enhanced the capacity of its intelligence and law enforcement agencies to detect, investigate, and prosecute financial crimes, while strengthening cooperation with international partners.
She noted that a high-level Nigerian delegation — comprising the Attorney-General of the Federation and Minister of Justice, the Ministers of Finance and Interior, and the Director of the NFIU — represented the country at the FATF plenary.
Bakari, who coordinated the implementation of the reform plan, commended President Bola Tinubu for his leadership and praised the contributions of the National Assembly, judiciary, and private sector toward achieving the milestone.
She urged stakeholders to sustain the reform momentum to ensure continued compliance with global financial integrity standards.
According to FATF, Burkina Faso, Mozambique, and South Africa were also removed from the grey list at the same plenary.