Nigeria's progress in strengthening measures to tackle money laundering and terrorist financing

Publication details

Language

English

Country

Nigeria

Topic

Mutual Evaluations

Nigeria's progress in strengthening measures to tackle money laundering and terrorist financing

Nigeria: Follow-up Report 2022

Filename: GIABA-Nigeria-Follow-Up-Report-2022.pdf
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Overall, Nigeria has made significant progress in addressing the technical compliance deficiencies identified in its 2021 Mutual Evaluation.

Nigeria has been re-rated on five recommendations:

Recommendation 3 has been re-rated from Partially Compliant to Compliant
Recommendations 7 has been re-rated from Non Compliant to Largely Compliant
Recommendations 11 has been re-rated from Partially Compliant to Compliant
Recommendations 19 has been re-rated from Partially Compliant to Largely Compliant
Recommendations 20 has been re-rated from Partially Compliant to Compliant

Nigeria has 26 Recommendations rated C/LC. Nigeria will remain in Enhanced Follow-up.

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

C = compliant | LC = largely compliant | PC = partially compliant | NC = non-compliant

Related materials

4 Nov 2021

Nigeria's measures to combat money laundering and the financing of terrorism and proliferation This report provides a summary of the AML/CFT measures in place in Nigeria as at the date of the on-site visit (25 September to 14 October, 2019). It analyses the level of compliance with the FATF 40 Recommendations, the level of effectiveness of its AML/CFT system and makes recommendations on how the system could be strengthened.
7 May 2008

Mutual Evaluation of Nigeria Nigeria is a member of GIABA, the assessment of the implementation of anti-money laundering and counter-terrorist financing (AML/CFT measures in Nigeria was conducted by GIABA.

Inter Governmental Action Group against Money Laundering in West Africa (GIABA)

The FATF Recommendations

The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.

Mutual Evaluations

The FATF conducts peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF Recommendations, providing an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system

Read more Consolidated assessment ratings