Edun hails Nigeria’s removal from EU AML-CFT list, says move to enhance financial credibility
The Federal Government of Nigeria has welcomed the European Commission’s decision to remove the country from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
The decision, outlined in a European Commission Delegated Regulation released this week, follows Nigeria’s removal from the Financial Action Task Force (FATF) list of Jurisdictions under Increased Monitoring in October 2025, after successfully completing its FATF Action Plan.
Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the milestone as the result of “extraordinary leadership, unwavering political will, and a clear reform vision” under President Bola Ahmed Tinubu, GCFR, who prioritised AML/CFT reforms as a central part of Nigeria’s economic governance and financial system stability agenda.
According to the minister, President Tinubu’s leadership facilitated strong inter-agency coordination, sustained engagement with international partners, and full implementation of critical legal, regulatory, and institutional reforms, addressing the strategic deficiencies previously identified in Nigeria’s AML/CFT framework.
The European Commission noted that Nigeria has significantly strengthened the effectiveness of its AML/CFT regime and satisfactorily resolved the technical and strategic gaps highlighted by the FATF. Nigeria was removed from the EU high-risk list alongside other jurisdictions that demonstrated similar progress.
The development is expected to ease enhanced due diligence requirements for Nigerian individuals, businesses, and financial institutions transacting with European counterparts, improve correspondent banking relationships, enhance investor confidence, and further integrate Nigeria into the global financial system.
Mr. Edun commended the collaborative efforts of financial sector regulators, law enforcement agencies, the Nigerian Financial Intelligence Unit, supervisory authorities, the judiciary, and private sector operators, whose professionalism and commitment were key to the success of the reforms.
He also reaffirmed Nigeria’s commitment to sustaining and deepening AML/CFT reforms, pledging continued cooperation with the FATF, the European Union, and other international partners to ensure the country’s financial system remains resilient, transparent, and aligned with global best practices.
