The Financial Action Task Force, the global anti-money laundering watchdog, has invited Nigeria to join its consultative processes—a notable acknowledgment of the country’s growing role in combating money laundering and terrorist financing.

This was disclosed in an invitation letter addressed to the Director/CEO of the Nigerian Financial Intelligence Unit, Hafsat Abubakar Bakari, by FATF President, Elisa de Anda Madrazo.

Established in 1995, the FATF is the global body responsible for spearheading international efforts to combat money laundering, terrorist financing, and the financing of weapons proliferation.

Nigeria was placed on the FATF Grey List on February 24, 2023, due to rising capital inflows and identified deficiencies in its efforts to tackle money laundering, terrorism financing, and the financing of arms proliferation.

Since then, Nigeria has made significant progress toward meeting FATF requirements and is now in the final stages of being delisted from the Grey List.

According to the FATF invitation, Nigeria will participate under the FATF-Style Regional Bodies jurisdictions guest initiative for a one-year period.

While the FATF’s operational rules do not allow guest participants or observers to take part in decision-making, Nigeria’s involvement will enable it to contribute its national and regional perspectives to discussions—under its own flag, rather than as part of a regional bloc.

Commenting on the FATF invitation, NFIU Director/CEO, Hafsat Abubakar Bakari, described it as a validation of Nigeria’s ongoing reforms in the anti-money laundering and counter-financing of terrorism framework.

She said, “The positive reforms of Nigeria’s AML/CFT framework are a vital part of the administration’s efforts to boost economic growth and development. This invitation by the FATF is a signal that we are on the right track and will reinforce our commitment to ensuring these standards are fully entrenched not just in Nigeria but across the wider region.”