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🇳🇬 Nigeria /Crime & Justice

Ahead of 2027 FATF Review, Nigeria Urged to Enhance Collaboration

From ThisDay · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

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  • Nigeria is preparing for the 2027 Financial Action Task Force (FATF) evaluation and urges law enforcement agencies to collaborate.
  • Attorney-General Lateef Fagbemi stated that the country's performance will impact investor confidence and international standing.
  • The head of the NFIU highlighted that financial intelligence requires effective investigation and prosecution to succeed.

Nigeria is gearing up for its 2027 Financial Action Task Force (FATF) Mutual Evaluation, with the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, calling for enhanced collaboration among law enforcement agencies. Fagbemi emphasized that the country's performance in this evaluation is crucial for bolstering investor confidence in the economy and its international reputation.

Today is not merely another meeting on our official calendar. It is a moment of truth, a moment to honestly ask ourselves whether our institutions are delivering justice with integrity, safeguarding our nation against financial crime, and earning the confidence of both Nigerians and the international community.

— Lateef FagbemiThe Attorney-General framing the importance of the AML/CFT/CPF Stocktake Exercise.

Speaking at the Federal Ministry of Justice’s AML/CFT/CPF Stocktake Exercise in Abuja, Fagbemi noted that Nigeria's successful exit from the FATF Grey List was a result of collective vision, discipline, and sacrifice. He stressed that this exit was merely a milestone, and the true measure of success lies in future progress.

Hafsat Abubakar Bakari, CEO of the Nigeria Financial Intelligence Unit (NFIU), underscored that the effectiveness of Nigeria's anti-money laundering framework hinges on the institutions responsible for its enforcement. She stated that financial intelligence, while vital, needs robust investigation and prosecution to yield successful outcomes.

Our exit from the Grey List was not our destination; it was only a milestone. The true measure of our success is not where we have come from, but where we are determined to go.

— Lateef FagbemiMinister Fagbemi emphasizing the need for continued progress beyond the FATF Grey List exit.

Fagbemi urged participants to approach the stocktake exercise with openness and professionalism, viewing it as an opportunity to identify strengths, address deficiencies, and build institutions for future generations. He highlighted that the Ministry of Justice plays a central role in law, justice, prosecution, international cooperation, and asset recovery. The minister asserted that the nation's performance in this evaluation will significantly influence investor confidence, international respect, and future security.

Our performance will shape not only the outcome of this mutual evaluation but also the confidence investors place in our economy, the respect our nation commands internationally, and the future security of generations yet unborn.

— Lateef FagbemiThe Attorney-General explaining the broad implications of Nigeria's FATF evaluation performance.
DistantNews Editorial

Originally published by ThisDay in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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