Abuja: The Nigerian Financial Intelligence Unit (NFIU) has announced that Nigeria has been officially removed from the Financial Action Task Force (FATF) grey list, which addresses issues related to money laundering, terrorist financing, and other financial crimes. This development was disclosed by the Director/CEO of NFIU, Hafsat Bakari, in a statement issued in Abuja. According to News Agency of Nigeria, FATF is an inter-governmental body established in 1989 with the purpose of setting international standards to combat money laundering, terrorist financing, and the financing of weapons of mass destruction. FATF aims to develop and promote policies that protect the global financial system. Bakari noted that during the FATF October plenary in Paris, Nigeria was officially removed from the grey list, marking a significant step in the country's efforts to combat financial crimes. She emphasized that this achievement is a testament to Nigeria's resilience, coordination, and commitment to reform. Bakari describ ed it as a clear signal to the world that Nigeria can meet and exceed global standards in financial integrity. She stated, "This is not the end of our journey, but the beginning of a stronger, more transparent financial ecosystem." The statement from NFIU highlighted that Nigeria's removal from the grey list follows the successful implementation of a 19-point reform programme, developed in collaboration with FATF and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA). Key reforms include the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022, along with the operationalisation of the Beneficial Ownership Register and stronger supervisory measures for certain financial sectors. Bakari also commended the leadership of President Bola Tinubu and senior officials for their role in keeping reforms on track, as well as the private sector and civil society for their partnership. The Nigeria delegation pre sent in Paris included the Minister of Finance and Coordinating Minister of the Economy, the Attorney-General of the Federation and Minister of Justice, the Minister of Interior, and the Director/CEO of NFIU. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, remarked that Nigeria's ambition was not solely to exit the grey list but to drive comprehensive reforms and legislative enhancements to effectively counter money laundering and terrorist financing. He stressed that the action plan represents the foundation, not the limit, of Nigeria's aspirations. Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, praised the invitation for Nigeria to join the FATF guest jurisdictions initiative, which allows Nigeria to participate in FATF meetings under its own flag for the next year and contribute to global policy discussions. The statement also noted that the removal of Nigeria, along with Burkina Faso, Mozambique, and South Africa, from the grey list reflects bro ader regional improvements in financial sector integrity. NFIU reiterated its commitment to sustaining progress, emphasizing ongoing collaboration among government agencies, the private sector, and international partners to protect Nigeria's financial system and contribute to global stability. NAN reports that Nigeria and 21 other countries were first placed on the FATF grey list in February 2023 due to identified deficiencies in their Anti-Money Laundering and Countering the Financial of Terrorism (AML/CFT) frameworks.