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

Publication details

Language

English

Country

Nigeria

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
Size
826 KB
Format
application/pdf
Download

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.

Nigeria Follow-Up Report 2024

missOrigin

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
C
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
LC
R.8 - Non-profit organisations
C
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
C
R.12 - Politically exposed persons
PC
R.13 - Correspondent banking
C
R.14 - Money or value transfer services
C
R.15 - New technologies
PC
R.16 - Wire transfers
LC
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
LC
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
LC
R.22 - DNFBPs: Customer due diligence
PC
R.23 - DNFBPs: Other measures
PC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
C
R.32 - Cash couriers
LC
R.33 - Statistics
C
R.34 - Guidance and feedback
C
R.35- Sanctions
LC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

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.

See also 

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

The Inter Governmental Action Group against Money Laundering in West Africa (GIABA) is a FATF-Style Regional Body (FSRB). The objective of GIABA to strengthen its member States' capacity to prevent and control money laundering, terrorist financing and proliferation financing in the region.
Read more
ESAAMLG Logo

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.
Read more

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
ESAAMLG Logo

The 2022 and 2013 Methodologies for Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT/CPF Systems

These documents are guides intended for use by assessors who are tasked with conducting a mutual evaluation. They provide a structured framework of analysis that ensures a level of consistency and high quality of the mutual evaluation reports produced. Latest update: August 2024
Read more