Tinubu Applauds Nigeria’s Victory Over Money Laundering Stigma

President Bola Tinubu has welcomed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a landmark achievement for the nation’s financial credibility and economic reform agenda.

The global financial watchdog, during its plenary in Paris, France, on Thursday, also delisted Mozambique, Burkina Faso, and South Africa from the list of countries under increased monitoring for money laundering and terrorist financing risks.

Tinubu said the delisting was a result of Nigeria’s unwavering commitment to implementing reforms outlined in its FATF Action Plan, which began in February 2023 after the country was placed on the grey list.

“This is not merely a technical accomplishment but a strategic victory for our economy and governance,” Tinubu said on Friday. “It reflects Nigeria’s progress in institutional integrity, global credibility, and our resolve to build a financial system Nigerians and the world can trust.”

The President commended the Director and staff of the Nigerian Financial Intelligence Unit (NFIU), led by Ms. Hafsat Abubakar Bakari, for their dedication in ensuring the reforms were executed on schedule. He also praised key government ministries, the National Assembly, judiciary, security agencies, and international partners, including FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), for their support.

FATF President Elisa de Anda Madrazo congratulated Nigeria, noting the country had demonstrated “strong political commitment” and implemented significant policy and institutional measures to strengthen its anti-money laundering and counter-financing of terrorism framework.

She added that Nigeria’s enhanced transparency in beneficial ownership structures and improved supervision of non-financial sectors, particularly real estate, were key factors in the delisting. Madrazo urged Nigeria to sustain these reforms for continued progress.

Finance Minister Wale Edun, speaking on behalf of Nigeria, acknowledged the contributions of France, Germany, the United Kingdom, the United States, and the European Commission in supporting the reform process. He reiterated the government’s commitment to maintaining a safe and secure financial environment for Nigerians.