The Federal Government has reaffirmed its commitment to strengthening Nigeria’s anti-money laundering, counter-financing of terrorism and counter-proliferation financing (AML/CFT/CPF) framework as preparations are ongoing for the 2027 Financial Action Task Force (FATF) mutual evaluation.
The Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, SAN, who made the commitment during the Federal Ministry of Justice AML/CFT/CPF Stocktake Exercise held in Abuja on Thursday, described the exercise as a critical moment for Nigeria to assess the effectiveness of its institutions in combating financial crimes and upholding the rule of law.
He stressed that the exercise was more than a routine meeting, describing it as “a moment of truth” for institutions to evaluate whether they were delivering justice with integrity, safeguarding the nation against financial crime and maintaining the confidence of Nigerians and the international community.
The AGF said, the country’s successful exit from the FATF grey list was achieved through collaboration, discipline and sacrifice, noting that, “Our exit from the grey list was not our destination; it was only a milestone. The true measure of our success is not where we have come from, but where we are determined to go”.
He noted that global standards had shifted beyond the existence of laws to measurable outcomes, including the ability to detect illicit financial flows, recover stolen assets, prosecute offenders, dismantle criminal enterprises and strengthen international cooperation.
According to him, the Federal Ministry of Justice occupies a strategic position in the country’s AML/CFT architecture through its responsibilities in prosecution, international cooperation, asset recovery and legal reforms.
“Our performance will shape not only the outcome of this mutual evaluation but also the confidence investors place in our economy, the respect our nation commands internationally, and the future security of generations yet unborn,” he said.
The AGF commended the Nigerian Financial Intelligence Unit (NFIU) for coordinating the exercise and expressed appreciation to international country experts for their continued support and reaffirmed the Ministry’s commitment to ensuring that Nigeria would not only be prepared for the 2027 FATF mutual evaluation but would excel.
Earlier in her speech, the Chief Executive Officer (CEO) of the NFIU, Hafsat Abubakar Bakari, described the Federal Ministry of Justice as a central pillar in Nigeria’s legal, governance and accountability framework.
She said, while the stocktake exercise focused on technical compliance and institutional effectiveness, the broader objective was to strengthen the rule of law in the face of increasingly sophisticated financial crimes.
“The global fight against money laundering, corruption, organised crime and other illicit financial activities is, at its core, a fight for the integrity of institutions,” she said and noted that, criminal networks flourish where accountability is weak and justice cannot keep pace with emerging threats, making the Ministry’s role indispensable.
She highlighted the Ministry’s contributions in legislative reforms, mutual legal assistance, asset recovery, international cooperation and prosecution support, noting that many of Nigeria’s recent achievements in the AML/CFT space were driven by its leadership.
According to her, financial intelligence alone is insufficient without effective investigations, successful prosecutions and a justice system that inspires public confidence.
Bakari described the stocktake exercise as an opportunity to assess progress, identify gaps and strengthen collaboration among key institutions responsible for safeguarding Nigeria’s financial system.
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