From Juliana Taiwo-Obalonye, Abuja
The Financial Action Task Force (FATF) has officially invited Nigeria to take part in its consultative processes under a new global effort to promote diversity within the organization.
In a letter addressed to Hafsat Bakari, Director and CEO of the Nigerian Financial Intelligence Unit (NFIU), FATF President Elisa de Anda Madrazo extended an invitation for Nigeria to participate in the FATF Style Regional Bodies (FSRB) jurisdictions guest initiative for one year. This initiative is designed to broaden the range of perspectives shaping international standards on Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT).
While the FATF’s rules prevent guest members from engaging in formal decision-making, Nigeria will now be able to contribute its views independently — rather than as part of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) delegation, as was previously the case.
The guest initiative, introduced by the FATF’s current Mexican presidency, aims to enhance global cooperation by encouraging diverse input from key financial oversight bodies worldwide. Participants will also gain deeper insight into the FATF’s mechanisms, strengthening their ability to support international financial integrity efforts.
Welcoming the development, NFIU CEO Bakari 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.”
The inclusion of Nigeria marks a significant recognition of its leadership role in advancing AML/CFT standards within West Africa and beyond.
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