Acting Chairman of the Federal Character Commission (FCC) and former Chairman of the House of Representatives Committee on Financial Crimes, Kayode Oladele, has congratulated Nigeria on the recent invitation extended by the Financial Action Task Force (FATF) to participate in its FATF Style Regional Bodies (FSRB) Jurisdictions Guest Initiative for a period of one year.

With this development, Nigeria will now participate in FATF discussions under its national flag, rather than as part of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) delegation.

It is instructive to note that while guest jurisdictions are not permitted to vote or engage in decision-making, the invitation enables Nigeria to contribute meaningfully to high-level global discussions shaping the Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) frameworks.

Oladele, who stated this in a statement made available yesterday, also commended President Bola Tinubu for creating the enabling environment for the Nigerian Financial Intelligence Unit (NFIU) to operate effectively and resolve several of the grey areas that had previously impacted Nigeria’s global financial system rating.

He said: “I have been part of Nigeria’s efforts to join the FATF for several years.”

We initially applied to join the global body in 2014, but the process was stalled due to what was perceived as a lack of political will to implement key reforms.”