Our locations:

Nigeria’s placement on the Financial Action Task Force (FATF) Grey List in 2023 flagged deficiencies in its Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and Counter-Proliferation Financing frameworks. This designation heightened regulatory scrutiny, impacting businesses, foreign investments, and the broader economic landscape.

Authored by TEMPLARS Partner, Emmanuel Gbahabo, Senior Associate, Lawal Kazeem, and Associate, Victoria Gordon, this article assesses Nigeria’s strides toward FATF compliance. Key reforms and steps since its placement on the Grey List, such as legislative enactments, as well as the FATF’s recent approval of Nigeria’s fifth progress report during its Plenary session in Paris, France, highlight the country’s commitment to financial system integrity.

With the May 2025 deadline fast approaching, Nigeria must maintain momentum in executing FATF’s action plan. Successfully exiting the Grey List will strengthen its international outlook for business, improve foreign direct investment, and further strengthen its AML/CFT framework.

View full publication

Related posts

26 February 2025

Cybersecurity Incident Response and Crisis Management Framework in Nigeria
As Nigeria’s digital economy grows, so do cyber threats like fraud, hacking, and data breaches, putting businesses and individuals at risk. Businesses that fail to prepare could face financial loss, reputational damage, and legal consequences.

29 January 2025

Mitigating Risks in Nigerian Construction Contracts
Contracts in Nigeria’s construction industry present both opportunities and significant risks that require careful attention to detail.

9 January 2025

Analysing the Whistleblowing Framework in Nigeria: Regulatory Landscape, Compliance Obligations and Best Practices for Organizations
Whistleblowing is an essential tool of corporate governance, helping to curtail misconduct and strengthen organisational integrity.