The Financial Action Task Force (FATF) has extended a formal invitation to Nigeria to participate in its consultative processes, marking a significant recognition of the country’s growing influence in the global fight against money laundering and terrorism financing.
By Chimezie Godfrey
The Financial Action Task Force (FATF) has extended a formal invitation to Nigeria to participate in its consultative processes, marking a significant recognition of the country’s growing influence in the global fight against money laundering and terrorism financing.
The invitation contained a letter addressed to the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, by the FATF President, Elisa de Anda Madrazo, disclosed that Nigeria will be engaged under the FATF Style Regional Bodies (FSRB) jurisdictions guest initiative for a period of one year.
Although the FATF’s operational rules do not permit guest participants or observers to be involved in decision-making processes, Nigeria’s participation will allow it to contribute its national and regional perspectives to discussions, under its own flag, rather than as part of a regional bloc.
Until now, Nigeria had only participated in FATF meetings through the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) delegation.
The FSRB guest initiative is a major component of the FATF’s ongoing efforts to diversify perspectives that shape the global Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) standards. The initiative, launched by the current Mexican presidency of the FATF, also aims to deepen understanding of FATF processes among participating countries and empower them to advocate for global financial integrity.
Reacting to the development, the NFIU Director/CEO, Hafsat Abubakar Bakari, welcomed the gesture, describing it as a validation of Nigeria’s ongoing reforms in the AML/CFT space.
She said, “The positive reforms of Nigeria’s AML/CFT framework are a vital part of the administration’s efforts to boost economic growth and development. This invitation by the FATF is a signal that we are on the right track and will reinforce our commitment to ensuring these standards are fully entrenched not just in Nigeria but across the wider region.”
Observers say Nigeria’s inclusion comes at a time when international financial watchdogs are increasingly relying on regional actors to enhance compliance and implementation of global standards.