The Federal Government of Nigeria has said it would do everything necessary to remove the country from the grey list of the Financial Action Task Force (FATF).
The Chief of Staff to the President, Mr. Femi Gbajabiamila made this pledge on Tuesday 27 August during a visit to the Nigerian Financial Intelligence Unit (NFIU). He noted that the goal would be accomplished before May 25 2025.
Findings by 9AM News Nigeria’s financial news editor show that the FATF list is a globally monitored list of countries with a high risk of money laundering, fraud, terrorism financing and other financial crimes.
Presidency On The FATF’s List
The President’s Chief of Staff vowed that Nigeria would fronatally address all of the factors that resulted in its placement in the FATF’s grey list.
He also acknowledged the strides made by the NFIU in pointing out to him all of the factors that have caused Nigeria’s appearance in the FATF grey list and said immediate action would be started to tackle the problems.
In Gbajabiamila’s comments made available to 9AM News Nigeria he said “I am a firm believer that no matter how much you achieve, one thing can destroy everything you have achieved. One rotten egg can spoil the whole basket.
“We have nine months left to exit the Grey List, and even being on that list is bad enough – that is not what we want for our country. Therefore, we will do everything we need to do because May 2025 is around the corner.”
“You must furnish us with the information and the boxes that we need to tick. We do not want a fire brigade approach because May is around the corner; this is a high priority,”.
The NFIU which functions directly under the State House was assured of greater collaboration by the President’s Chief of Staff.
Findings made by Ogasabi of 9AM News Nigeria show:
- Nigeria was placed in the FATF grey list on February 24 2023 due to unchecked money laundering activities and other financial maleficence.
- Countries are placed on the list in order to alert other countries that the listed country is not making enough effort to deal with financial malpractices.
- It is intended to compel or jolt countries to wake up to their responsibility of dealing with financial malpractices happening within their shores.
- The list is updated regularly based on genuine efforts made by the listed countries to deal appropriately with financial malpractices.
