Spaces for Change hails Nigeria’s exit from FATF’s grey list, expects positive impact for charities, investors
By Ishaya Ibrahim
Spaces for Change (S4C) has celebrated Nigeria’s removal from the Financial Action Task Force (FATF) grey list.
According to the NGO, the exit now signals to the global financial community that Nigeria has significantly strengthened its anti-money laundering and counter-terrorist financing (AML/CFT) laws and enforcement.
Recall that the FATF, a global money-laundering watchdog based in France recently removed Nigeria, South Africa, Mozambique and Burkina Faso off its “grey list.”
The removal was after “successful on-site visits” that showed “positive progress” in the countries efforts in addressing shortcomings within agreed timeframes.
S4C statement, signed by its Executive Director, Victoria Ibezim-Ohaeri, says it heartily congratulates the Federal Republic of Nigeria as it exits the FATF grey list.
Part of the statement reads: “Delisting from the FATF grey list means that these countries have successfully addressed the identified deficiencies in their anti-money laundering and countering the financing of terrorism (AML/CFT) frameworks and improved the integrity of their financial systems within the agreed timeframes, monitored and reviewed by the International Cooperative Review Group (ICRG).
“Prior to Nigeria and Burkina Faso’s exit, Spaces for Change (S4C) has been working in the two countries to ensure the effective implementation of FATF Recommendations, particularly as it relates to the non-profit sector. Over the years, S4C’s advocacy focused on providing capacity-building support to non-profit organizations, key agencies, and regulators conducting national terrorism financing risk assessments, thereby strengthening their implementation of the FATE Recommendation 8.
“Other initiatives include conducting targeted outreaches, facilitating multi stakeholder dialogues, and delivering technical assistance to key agencies to implement key reform measures and programs towards combating money laundering and mitigating terrorism financing abuse in the non-profit sector.
” In 2022, Nigeria also took steps to remove nonprofits from the list of obliged reporting entities and also reformed national AML/CFT frameworks, removing nonprofits from the list of designated non-financial professions and businesses (DNFBPs).
“After these efforts we are happy to witness the country’s positive compliance rating specifically Nigeria, becoming the only West African country to secure a Fully-Compliant rating on FATF Recommendation 8. Nigeria’s current delisting from the FATF grey list reinforces past progress and successes, demonstrating the country’s commitment to technical compliance and operational effectiveness.
“We congratulate the Federal Republic of Nigeria and, by extension, the Burkinabe authorities on this new milestone, which will eventually translate into a less restrictive environment for charities and investors. Spaces for Change remains committed to its institutional mandate of working to ensure the implementation of countermeasures across the subregion. does not limit civil society and restrict civic freedoms.”
