Nigeria FATF Grey List Status & Exit Roadmap
- Issuing authority
- FATF / GIABA / Inter-Ministerial Committee
- Effective date
- Nigeria added to FATF grey list February 2023; working toward exit
- Scope
- FATF / GIABA / Inter-Ministerial Committee
Key requirements
Nigeria was added to the FATF grey list (officially 'Jurisdictions under Increased Monitoring') in February 2023. This is one step before the black list. Being grey-listed means international banks and firms must do enhanced due diligence on Nigerian customers and transactions. That makes things slower and more expensive for Nigerian businesses operating internationally. Nigeria has been working through an Action Plan to exit: strengthening AML laws (MLPPA 2022, TPPA 2022), improving NFIU independence, expanding beneficial ownership transparency (CAMA 2020) and improving prosecution of money laundering cases. Exit depends on FATF's on-site visit and plenary decisions. Critical to follow if you work in or with Nigerian banks, fintechs or businesses.