The European Union has removed Nigeria along with five other African countries from its list of high-risk third country jurisdictions in relation to money laundering and terrorist financing.
The delisted countries are Nigeria, South Africa, Burkina Faso, Mali, Mozambique, and Tanzania.
The decision, announced following a review by the European Commission, reflects improvements in the anti-money laundering (AML) and counter-terrorism financing (CFT) frameworks of these nations.
The EU’s high-risk list identifies jurisdictions with strategic deficiencies in their AML/CFT regimes that pose significant threats to the EU’s financial system.
Nigeria’s removal comes after sustained efforts by the Economic and Financial Crimes Commission (EFCC), the Central Bank of Nigeria (CBN), and other relevant authorities to strengthen regulatory oversight, enhance financial intelligence sharing, and address previous deficiencies identified in international assessments by the Financial Action Task Force (FATF).
The delisting is expected to ease compliance burdens for Nigerian banks, businesses, and individuals engaging in international transactions with EU member states.
It should also improve access to global financial services, reduce transaction costs, and boost investor confidence in Nigeria’s financial system.
The European Commission periodically updates its list in alignment with FATF recommendations, and countries are removed once they demonstrate sufficient progress in rectifying identified weaknesses.
This development marks a significant diplomatic and economic milestone for Nigeria and the other affected African nations, signaling renewed global recognition of their commitment to combating financial crimes.
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