UK Envoy, NGOs Applaud Nigeria’s Removal from FATF Grey List, Call It a Landmark for Financial Integrity and Investment Growth

The United Kingdom High Commissioner to Nigeria, Richard Montgomery, and the Nigeria Network of NGOs (NNNGO) have commended Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a major milestone for the nation’s financial integrity, transparency, and international standing.

The FATF, during its October 2025 plenary session in Paris, officially delisted Nigeria from its jurisdictions under increased monitoring after the country successfully implemented a comprehensive 19-point Action Plan to strengthen its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.

Nigeria was placed on the grey list in February 2023 following identified deficiencies in its AML/CFT system. Since then, the Federal Government has worked closely with FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) to address the gaps through legislative reforms, institutional restructuring, and enhanced inter-agency collaboration.

Among the key reforms cited by FATF were the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, the operationalisation of the Beneficial Ownership Register, and the strengthened supervision of designated non-financial businesses and professions.

In a statement confirming the development, the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakari, said Nigeria had improved the capacity of its intelligence and law enforcement agencies to detect, investigate, and prosecute financial crimes while deepening international cooperation and information sharing.

Reacting to the news on his X page, the UK High Commissioner, Richard Montgomery, described the delisting as “brilliant news” that reflects Nigeria’s strong reform efforts and would significantly boost investor confidence.

> “Brilliant news that the Financial Action Task Force has de-listed Nigeria from the grey list. This reflects strong efforts to implement reforms by the Nigerian Government and opens up new opportunities for trade and investment,” Montgomery wrote.

Similarly, the Executive Director of the Nigeria Network of NGOs, Oyebisi Oluseyi, hailed the development as a “critical inflection point for financial transparency, integrity, and security.”

Oluseyi emphasized that the achievement was the result of sustained collaboration among government institutions, civil society, and the private sector. He also noted the NNNGO’s active involvement in AML/CFT advocacy since 2012 through conferences, regional workshops, and partnerships with regulatory agencies such as the Special Control Unit on Money Laundering (SCUML).

He further highlighted the government’s 2022 decision to remove nonprofit organisations from the list of Designated Non-Financial Businesses and Professionals, calling it a landmark reform that reduced unnecessary reporting burdens.

According to Oluseyi, the FATF delisting will lower compliance costs for international transactions, improve capital flows, and increase annual remittances—factors crucial to poverty reduction and sustainable development.

> “This milestone will boost economic confidence, facilitate fundraising for nonprofits, and enhance household incomes and savings,” he stated.

While commending the government for its achievement, Oluseyi cautioned that the focus should now shift to ensuring that the reforms remain permanent.

> “The real work lies in institutionalising the legislative successes achieved during the scrutiny period. Never again must Nigeria find itself on the grey list,” he concluded.