The Federal Government has 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 (AML/CFT), describing the move as a major milestone in the country’s ongoing financial and economic reforms.
The decision, contained in a European Commission Delegated Regulation released this week, amends Delegated Regulation (EU) 2016/1675, which previously classified Nigeria as a high‑risk jurisdiction requiring enhanced financial scrutiny by European institutions.
In a statement issued on Thursday via X, the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, said the delisting followed Nigeria’s successful exit from the Financial Action Task Force (FATF) list of Jurisdictions under Increased Monitoring in October 2025, after the country completed its FATF Action Plan.
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According to the statement, the European Commission, in its assessment, concluded that Nigeria had significantly strengthened the effectiveness of its AML/CFT framework and satisfactorily addressed the technical and strategic deficiencies previously identified by the FATF.
Reacting to the development, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, attributed the achievement to the leadership and reform agenda of President Bola Ahmed Tinubu.
“President Tinubu’s decisive leadership ensured strong inter‑agency coordination, sustained engagement with international partners, and the full implementation of critical legal, regulatory, and institutional reforms required to address the strategic deficiencies previously identified in Nigeria’s AML/CFT framework,” the minister said.
The statement explained that Nigeria’s removal from the EU high‑risk list would ease enhanced due diligence requirements previously imposed on Nigerian individuals, businesses, and financial institutions transacting with European counterparts. It added that the development is expected to improve correspondent banking relationships, boost investor confidence, and further integrate Nigeria into the global financial system.
Edun also commended the collective efforts of key stakeholders involved in the reform process, including financial sector regulators, law enforcement agencies, the Nigerian Financial Intelligence Unit, supervisory authorities, the judiciary, and private sector operators.
While welcoming the decision, the minister reaffirmed the Federal Government’s commitment to sustaining and deepening AML/CFT reforms, noting that Nigeria would continue to work closely with the FATF, the European Union, and other international partners to strengthen transparency and financial integrity.
Nigeria’s previous inclusion on the EU’s high‑risk list meant that transactions involving European partners were subject to stricter documentation, enhanced due diligence, and additional regulatory oversight.
The Ministry of Finance said Nigeria’s removal from both the FATF grey list and the EU’s high‑risk financial list sends a strong and positive signal to the international community that the country is firmly on a path of reform, accountability, and economic renewal.
