By: Femi Mustapha
The Africa Network for Environment and Economic Justice (ANEEJ) has welcomed the European Union’s (EU) official decision to remove Nigeria from its list of “high-risk third-country jurisdictions” for anti-money laundering and countering the financing of terrorism (AML/CFT).
In a statement signed by its Executive Director, Rev. David Ugolor, the organization noted that the development was a significant milestone and a positive recognition of Nigeria’s recent efforts to strengthen its legal, institutional, and regulatory frameworks to combat money laundering, terrorism financing, and other illicit financial flows.
It reflects the impact of reforms undertaken by relevant government agencies and civil society organizations, including improvements in risk assessment, supervision, enforcement, advocacy, and international cooperation, in line with the Financial Action Task Force (FATF) global standards.
Ugolor asserted that Nigeria’s delisting from the EU high-risk register has essential implications for the country’s economy, including improved investor confidence, easier access to international financial systems, and reduced compliance burdens for Nigerian businesses and financial institutions operating within the EU.
However, ANEEJ’s boss cautioned that this achievement must not lead to complacency. “The removal from the EU list should be seen as a call to deepen reforms, not relax them. Persistent challenges such as grand corruption, weak enforcement, beneficial ownership opacity, and illicit financial flows continue to undermine development outcomes and public trust,” Ugolor noted.
Ugolor stated emphatically that sustaining this progress requires several actions, including the full and effective implementation of Nigeria’s AML/CFT laws and regulations, enhancing interagency coordination and judicial effectiveness in prosecuting financial crimes, ensuring transparency in beneficial ownership registers and public access to information, protecting civic space, and supporting civil society’s role in monitoring, advocacy, and accountability.
“As a long-standing advocate for transparency, accountability, and the fight against corruption, ANEEJ reaffirms its commitment to working with government institutions, international partners, the private sector, and civil society to ensure that Nigeria not only maintains its improved standing but also builds a resilient system that effectively combats financial crimes and promotes inclusive and sustainable development,” Ugolor asserted.
