MARKET NEWS

BY  Abdulwahab Isa

Nigeria has passed 13 out of 15 grey list action plan benchmarked by Financial Action Task Force (FATF), grading the country higher on all of the 13 partly addressed score card, according to Nigeria Financial Intelligence Unit (NFIU). Under FAFT’ grey list, the global watchdog is interested only in progress that can be sustained over time, NFIU spokesperson, Sani Tukur, confirmed latest development in a statement issued on Thursday.

He dismissed insinuation that Nigeria fell short of FAFT assessment test, describing it an impossible task for any nation “to “meet” the FATF’s recommendations” within eight months. The statement said Nigeria’s improved ranking and exit from gery listing attracted commendation and praises by the global financial watchdog. The praises were given by officials of the organisation at a meeting between Nigerian delegation to the plenary meeting of the group in Paris, France, with officials of the FATF and the United States of America.

During the 40th GIABA technical commission and plenary meetings, which in Abuja recently, Nigeria’s progress was reported and commended by the Vice-President of the FATF. Jeremy Weil, who attended the meeting.

He said: “At the conclusion of the Plenary, Nigeria’s 2nd progress report was adopted including approval of upgrades against 6 of the FATF criteria, the country is now compliant or largely compliant with 32 of the 40 FATF recommendations demonstrating the continued commitment of the country to improving its Anti Money Laundering and Counter Financing of Terrorism (AML/CFT) framework.”

Recall that FATF had in February placed Nigeria on its grey list and expected the country to make significant improvements in 15 areas. The Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur, said that based on the efforts made by all bodies in Nigeria involved in the efforts to tackle the identified areas, the country was able to tackle 13 out of the 15 action points identified.