Nigeria Police Force Intensifies Efforts to Remove Country from FATF Grey List
In February 2023, Nigeria was placed on the Financial Action Task Force (FATF) grey list, flagging the country as a high-risk jurisdiction for money laundering and terrorism financing. In a bid to address these challenges, the Nigeria Police Force (NPF) has taken decisive steps, establishing specialized units such as the Special Anti-Fraud Unit (SFU), the National Cybercrime Centre, and the newly inaugurated Anti-Money Laundering Unit. These efforts are designed to align Nigeria with international standards and secure the country’s removal from the grey list.
Over the past year, the NPF has recorded significant achievements in combating financial crimes. The specialized units have collectively arrested 1,088 suspects, secured 152 convictions, and recovered $11,450,000 and N142.26 billion. The National Cybercrime Centre has been particularly impactful, apprehending 751 cybercrime suspects and recovering N8.82 billion, $84,000, and 115,237.91 USDT. Among the standout operations is "Operation Butterfly Net," which addressed a major cyberattack on Flutterwave, resulting in the arrest of 179 individuals involved in laundering over N11 billion.
The Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Sections have further strengthened financial investigations, training over 2,000 officers in money laundering and terrorism financing investigations. The submission of quarterly AML/CFT reports to the Nigerian Financial Intelligence Unit (NFIU) has also enhanced Nigeria’s ratings within the FATF regime, reflecting the effectiveness of the measures implemented.
The Nigeria Police Force remains resolute in its mission to tackle money laundering and terrorism financing. While urging collaboration among ministries, departments, and agencies, the NPF reassures both the public and the international community of its unwavering commitment to improving Nigeria’s financial system integrity. The progress achieved so far underscores the determination to restore global trust in Nigeria’s financial institutions and secure the country’s removal from the FATF grey list.
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