The Senate has recommended President Bola Tinubu, Senate President Godswill Akpabio, the Nigerian {Financial} Intelligence Unit (NFIU), and different key stakeholders, for his or her coordinated efforts that led to Nigeria’s elimination from the {Financial} Motion Process Pressure (FATF) Gray Listing.
The commendation adopted the adoption of a movement titled: “Movement on the Have to Commend the Government, the President of the Senate, the Nigerian {Financial} Intelligence Unit (NFIU), and Different Stakeholders for Their Efforts within the Elimination of Nigeria’s Identify from the {Financial} Motion Process Pressure (FATF) Gray Listing,” sponsored by Senator Emmanuel Udende (Benue North-East).
Introduced beneath Issues of Pressing Public Significance, pursuant to Orders 41 and 51 of the Senate Standing Orders, 2023 (as amended), the movement famous with satisfaction the FATF’s current announcement delisting Nigeria from its Gray Listing — a growth described as a testomony to the nation’s progress in strengthening its Anti-Cash Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
Senator Udende defined that Nigeria’s earlier inclusion on the FATF Gray Listing uncovered the nation to worldwide scrutiny and reputational threat, dampening investor confidence and proscribing entry to international {financial} markets.
He stated the delisting adopted in depth reforms and coordinated coverage actions by the Government, the Nationwide Meeting, and regulatory and enforcement businesses such because the NFIU, EFCC, ICPC, and the Central Bank of Nigeria (CBN).
The Senate, in its resolutions, expressed delight that the elimination has boosted investor confidence, enhanced Nigeria’s status within the international {financial} system, and restored credibility to the nation’s regulatory surroundings.
It additionally famous that Nigerian {financial} establishments would now expertise lowered compliance burdens and improved effectivity in cross-border transactions.
The movement additional said that the delisting would have long-term {economic} advantages, together with attracting extra overseas direct funding (FDI), strengthening the naira, and creating jobs throughout sectors corresponding to vitality, agriculture, and manufacturing.
The Senate, subsequently. resolved to commend President Tinubu, Senate President Akpabio, the NFIU, EFCC, ICPC, CBN, and different businesses for his or her position in reaching the milestone.
It additionally urged regulatory and legislation enforcement our bodies to maintain compliance with worldwide {financial} requirements and stop any relapse.
It additional mandated the Senate Committee on Anti-Corruption and {Financial} Crimes to keep up oversight and evaluate insurance policies that will additional strengthen Nigeria’s {financial} governance system.
The Senate inspired steady collaboration between the private and non-private sectors to uphold transparency, accountability, and good governance in {financial} administration.
The Senate affirmed that Nigeria’s elimination from the FATF Gray Listing marks a significant step towards restoring worldwide confidence within the nation’s {financial} integrity and {economic} management.
