FG Breaks Silence: What EU Delisting Means For Nigeria’s Money Transfers

According to Ireporter Online, the Federal Government has clarified that Nigeria’s removal from the European Union’s list of high-risk jurisdictions for anti-money laundering and counter-terrorist financing is expected to ease compliance requirements for financial transactions between Nigerian entities and EU member states.

The Nigerian Financial Intelligence Unit (NFIU), in a statement issued on Friday, said the delisting will create a more favorable environment for trade, investment, and cross-border financial flows. Transactions involving Nigerian individuals, businesses, and financial institutions will no longer be subjected to the enhanced due diligence measures typically applied to high-risk countries.

“This is expected to ease compliance burdens, support smoother cross-border financial flows, and enhance Nigeria’s attractiveness for trade, investment, and financial partnerships with EU Member States,” the NFIU said.

The agency noted that the delisting comes at a crucial time in the global economic landscape and is likely to strengthen Nigeria’s standing as a dependable economic partner for European markets. “In an increasingly competitive global trade environment, the delisting reinforces Nigeria’s position as a reliable economic partner, boosting Europe as a key destination for Nigerian exports and a source of investment,” the statement added.

Hafsat Abubakar Bakari, CEO of the NFIU, described the development as a strong endorsement of Nigeria’s ongoing reforms in the financial and regulatory sectors. “Beyond immediate economic benefits, this decision strengthens international confidence in Nigeria’s financial system and highlights our role as a cooperative participant in the global financial architecture,” she said.

Bakari emphasized the NFIU’s central role in coordinating national anti-money laundering, counter-terrorist financing, and counter-proliferation financing efforts, while enhancing the use of financial intelligence to support supervisory, investigative, and prosecutorial authorities across the country. She urged stakeholders to maintain momentum, guard against complacency, and continue strengthening systems to mitigate evolving financial crime risks.

The NFIU also affirmed its commitment to ongoing engagement with the Financial Action Task Force, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), the EU, and other international partners, alongside domestic stakeholders, to ensure Nigeria not only maintains compliance but further strengthens its AML/CFT/CPF framework.

The European Commission recognized that Nigeria and other delisted countries had successfully strengthened the effectiveness of their anti-money laundering and counter-terrorist financing regimes, addressed major operational gaps, and met the requirements outlined in their FATF Action Plans, leading to their removal from the FATF grey list in 2025.

The NFIU credited the achievement to the political will and leadership of President Bola Ahmed Tinubu, inter-agency coordination, and collaboration among the National Assembly, law enforcement, regulators, the judiciary, private sector, and development partners.