Nigeria Hails EU Clearance From Money Laundering Risk List

Nigeria Hails EU Clearance From Money Laundering Risk List

JOEL OLADELE, Abuja

Nigeria has welcomed the decision of the European Commission to remove the country from the European Union’s list of high-risk third countries for money laundering and terrorist financing, describing the development as a major boost to its global financial standing and ongoing economic reforms.

The decision was contained in a Delegated Regulation issued by the European Commission this week, amending Delegated Regulation (EU) 2016/1675. It follows Nigeria’s removal from the Financial Action Task Force (FATF) list of Jurisdictions under Increased Monitoring in October 2025, after the country successfully completed all requirements contained in its FATF Action Plan.

Reacting to the development, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the clearance reflected the strong political will and reform drive of President Bola Ahmed Tinubu’s administration, which placed Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) reforms at the centre of Nigeria’s economic governance agenda.

Edun noted that under President Tinubu’s leadership, the government ensured sustained inter-agency collaboration, continuous engagement with international partners and the implementation of critical legal, regulatory and institutional reforms aimed at strengthening Nigeria’s financial system and addressing long-standing deficiencies in its AML/CFT framework.

According to the European Commission, Nigeria has made significant improvements in the effectiveness of its anti-money laundering and counter-terrorism financing regime and has satisfactorily addressed the strategic and technical issues earlier identified by the FATF. The assessment paved the way for Nigeria’s removal from the EU high-risk list alongside other jurisdictions that demonstrated similar progress.

The development is expected to ease enhanced due diligence requirements for Nigerian individuals, businesses and financial institutions engaging with European counterparts. Analysts say it will also improve correspondent banking relationships, boost investor confidence and enhance Nigeria’s integration into the global financial system.

The Minister commended the collective efforts of key stakeholders whose roles were instrumental to the achievement, including financial sector regulators, law enforcement agencies, the Nigerian Financial Intelligence Unit, supervisory authorities, the judiciary and private sector operators.

While welcoming the EU’s decision, Edun reaffirmed Nigeria’s commitment to sustaining and deepening AML/CFT reforms. He said the country would continue to work closely with the FATF, the European Union and other international partners to ensure that its financial system remains resilient, transparent and aligned with global best practices.

The removal of Nigeria from both the FATF grey list and the European Union’s high-risk list sends a strong signal to the international community that the country is regaining global trust and firmly positioning itself on the path of reform, transparency and economic renewal.