FG Welcomes EU Decision to Delist Nigeria from High-Risk Financial Category
FG Welcomes EU Decision to Delist Nigeria from High-Risk Financial Category
The Federal Government on Wednesday welcomed the European Commission’s decision to remove Nigeria from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism, saying the decision follows recent financial sector reforms and strengthens Nigeria’s global financial standing.
The decision was contained in a European Commission Delegated Regulation released this week, amending Delegated Regulation EU 2016/1675.
It comes months after Nigeria was removed from the Financial Action Task Force list of Jurisdictions under Increased Monitoring in October 2025, following the completion of its FATF Action Plan.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the development was made possible by the leadership and political commitment of President Bola Ahmed Tinubu, under whose administration AML and CFT reforms were prioritised to improve economic governance and financial system stability.
Edun said the President’s approach ensured strong cooperation among government agencies, continuous engagement with international partners, and the implementation of key legal, regulatory and institutional reforms to address weaknesses in Nigeria’s financial crime control framework.
The European Commission noted that Nigeria had strengthened the effectiveness of its AML and CFT systems and addressed the technical and strategic issues earlier identified by the FATF, leading to its removal from the EU high-risk list.
The government said the decision is expected to reduce enhanced due diligence requirements for Nigerian individuals and businesses dealing with European financial institutions, improve correspondent banking relationships, boost investor confidence and support Nigeria’s integration into the global financial system.
Edun commended financial regulators, law enforcement agencies, the Nigerian Financial Intelligence Unit, the judiciary and private sector operators for their roles in achieving the reform targets.
He added that Nigeria will continue working with the FATF, the European Union and other international partners to sustain reforms and ensure a transparent and resilient financial system.
The statement was signed by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance.
