The Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, has emphasized the need for judicial collaboration to combat financial crimes and ensure Nigeria’s removal from the Financial Action Task Force (FATF) grey list.
This call was made during a sensitization program on anti-money laundering and combating the financing of terrorism in Abuja.
Nigeria’s continued presence on the FATF grey list has significant economic implications, including undermining investor confidence, increasing transaction costs, and reducing access to international financial markets. The Chief Justice noted that the success of any anti-money laundering regime depends on synergy among key stakeholders, including the judiciary, lawyers, law enforcement, and anti-graft agencies.
Justice Kekere-Ekun emphasized the critical role of the judiciary in combating financial crimes, stating that judges must take the lead in ensuring that the country’s legal system does not facilitate illicit financial flows. She expressed satisfaction with the workshop’s diverse participation, including key regulatory stakeholders, which reflects the collective commitment to strengthening Nigeria’s anti-money laundering framework.
Nigeria has been working to exit the FATF grey list, with targets to achieve this by mid-2025. The country was placed on the list in February 2023 due to flaws in its counter-terrorism financing and anti-money laundering frameworks. The Nigerian Financial Intelligence Unit (NFIU) has declared progress in complying with FATF recommendations, receiving “Compliant” or “Largely Compliant” ratings in 37 of the 40 recommendations.
The United Kingdom has reaffirmed its commitment to supporting Nigeria in combating money laundering, with the Deputy British High Commissioner revealing that Nigeria loses over $16 billion annually to money laundering. This support underscores the importance of international cooperation in combating financial crimes and ensuring that countries like Nigeria have the necessary support to strengthen their anti-money laundering frameworks.
The Chief Justice of Nigeria’s call for judicial collaboration to combat financial crimes and ensure Nigeria’s removal from the FATF grey list is a critical step towards strengthening the country’s anti-money laundering framework. With the support of international partners and the collective efforts of key stakeholders, Nigeria can make significant progress towards exiting the FATF grey list and ensuring a safer and more stable financial system.