Nigeria Reviews Anti-Money Laundering Systems Ahead of FATF

Nigeria has initiated a review of its anti-money laundering and asset recovery systems to avert a return to the Financial Action Task Force (FATF) grey list during the upcoming evaluation in 2027. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU) commenced a three-day stocktake in Abuja to evaluate whether financial intelligence from government agencies is effectively leading to investigations, prosecutions, convictions, and asset recovery.

NFIU Chief Executive Officer Hafsat Bakari emphasized the importance of this exercise for Nigeria's preparation for the FATF 3rd Round Mutual Evaluation Exercise. ICPC Chairman Musa Aliyu stated that the review would focus on the effectiveness of anti-corruption enforcement rather than just the existence of laws.

The assessment will cover financial intelligence usage, money laundering investigations, and asset recovery, ensuring that operations reflect Nigeria's major corruption risks.