LAGOS, Nigeria (VOICE OF NAIJA)-The Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU) have intensified efforts to steer Nigeria’s exit from the Financial Action Task Force’s (FATF) Grey List.
This development follows a strategic meeting between EFCC Chairman, Ola Olukoyede, and NFIU Director, Hafsaf Bakari.
The meeting, held during a courtesy visit by the NFIU Director to the EFCC’s corporate headquarters on Wednesday, aimed to strengthen collaboration and address challenges posed by Nigeria’s inclusion on the FATF Grey List.
Bakari emphasized the significance of the visit in fostering stronger partnerships and tackling the FATF challenge. She highlighted the shared history between the two agencies and underscored the need for joint efforts to facilitate Nigeria’s removal from the Grey List.
During her presentation, Bakari outlined the intelligence-generating and sharing mechanisms employed by the NFIU to support law enforcement agencies nationwide. She reaffirmed the unit’s commitment to enforcing compliance obligations and pledged to enhance intelligence gathering to combat corruption, insecurity, terrorist financing, and other threats to national stability.
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In response, Olukoyede assured Bakari of EFCC’s full engagement and support in executing the exit action plan.
He emphasised the agency’s pivotal role in driving efforts towards Nigeria’s removal from the Grey List, stressing the importance of prioritising national interests over external pressures.
The FATF designated Nigeria as a country under monitoring in February 2023, placing it on the Grey List and imposing a stringent action plan comprising 19 items to be implemented by May 2025.
Failure to comply with these requirements could result in Nigeria’s upgrade to the Black List, which carries severe economic ramifications.
Olukoyede expressed confidence in the collective efforts of the EFCC, NFIU, and other relevant stakeholders to facilitate Nigeria’s exit from the Grey List.
He reiterated the importance of preventive measures in combating economic and financial crimes, emphasizing the cost-effectiveness of prevention compared to reactive measures.
He said as Nigeria works towards fulfilling the FATF’s action plan, collaboration between the EFCC and NFIU remains crucial in safeguarding the country’s financial integrity and advancing its economic development agenda.