The President of the global intergovernmental organisation, Financial Action Task Force (FATF), Elisa de Anda Madrazo, has said that Nigeria was removed from the congregation of nations under its crime watchlist due to the strong political will exhibited by the President Bola Tinubu administration.
Madrazo stated that the inter-agency collaboration in combating financial crimes over the last two years under the incumbent administration played a pivotal role in the country’s exit from the watchlist.
She said Nigeria has demonstrated strong political will and inter-agency collaboration in combating financial crimes over the last two years under President Bola Tinubu, since the country was placed on the grey list.
The president disclosed this on Friday while announcing the removal of Nigeria, Mozambique, Burkina Faso, and South Africa from the grey list at the FATF’s plenary in Paris, France.
FATF president said, “Nigeria has demonstrated strong political commitment to fight financial crimes. However, let me be clear: it is not only that we have seen a political commitment to exit the grey list… It is because we have seen the change and the political measures put in place.
“In Nigeria, we have seen that political commitment that has translated to the change we have seen on the ground. After sustained efforts of just over two years, Nigeria has demonstrated a stronger capacity – this is fundamental – to investigate and prosecute. This is crucially helping Nigeria to focus resources to fight crimes that harm its community the most, such as drug trafficking and terrorist financing.”
She commended Nigeria for implementing “government-wide policy reforms, stronger inter-agency coordination and cooperation.”
“We have seen an important enhancement in the transparency of the beneficial ownership structure. On the supervisory side, we have seen stronger supervision in the non-financial sectors, particularly in real estate agencies”.
She said that the action plan and the political commitment led the plenary to agree that Nigeria has fully addressed the action plan and exited the grey list.
The president, who urged Nigeria to continue its good work for the benefit of the Nigerian people, stated that the presence of three Nigerian ministers at the week-long events demonstrated the country’s commitment to combating financial crimes and other illicit flows.
The Nigeria Interministerial Committee on Anti-Money Laundering/Countering the Financing of Terrorism/Proliferation Financing (AML/CFT/PF) is chaired by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, with the Minister of Finance, Wale Edun, and Minister of Interior, Olubunmi Ojo, as alternate chairs.
In a speech read on behalf of Nigeria, Edun said Nigeria was honoured to be allowed to contribute its expertise and experience to the global fight against serious crimes that threatened the shared security and prosperity of the world.
He said Nigeria was grateful to international partners, including the governments of France, Germany, the United Kingdom, and the United States of America, as well as the European Commission, for their steadfast support throughout the process.
“With the resolve and dedication of the men and women back home, we will continue to work towards a safer and more secure Nigeria,” the minister added.
