Nigeria, Oct. 25 -- When the Financial Action Task Force (FATF) placed Nigeria on its grey list in February 2023, authorities described the move as unfair. However, the global body's decision underscored deep concerns about Nigeria's anti-money laundering and counter-terrorism financing framework.

Countries on the FATF grey list are considered to have deficiencies in preventing money laundering, terrorist financing and proliferation financing. This means the world body does not fully trust their financial systems until identified gaps are addressed.

The FATF, an intergovernmental organisation that sets global standards to protect the financial system, assesses countries' compliance with Anti-Money Laundering/Countering the Financing of ...