Nigeria Prepares for 2027 FATF Review, Justice Minister Urges Agency Collaboration

Nigeria is actively preparing for its 2027 review by the Financial Action Task Force (FATF), an international body that sets standards to combat money laundering and terrorist financing. Minister of Justice Lateef Fagbemi has called upon relevant agencies to strengthen their collaborative efforts and uphold professionalism.

Fagbemi emphasized that Nigeria's performance during this review will significantly influence international investors' confidence in the nation's economy. He stressed the importance of a coordinated approach among agencies to meet the FATF's stringent requirements.

The Nigerian Financial Intelligence Unit (NFIU) underscored that financial intelligence alone is insufficient. It requires robust investigation and successful prosecution to be effective. This highlights the need for a comprehensive strategy that moves beyond mere data collection to enforcement actions, ensuring that financial crimes are adequately addressed.