Nigeria is making significant strides in its bid to exit the Financial Action Task Force (FATF) grey list, thanks to a collaborative effort between the Federal Airports Authority of Nigeria (FAAN) and the Nigeria Customs Service (NCS).
The two agencies have been working together to meet global compliance standards, leveraging technology and improved border control procedures to strengthen the country’s anti-money laundering and counter-terrorism financing systems.
A recent joint inspection at the Murtala Muhammed International Airport in Lagos showcased the progress made in enhancing passenger and cargo terminal operations.
FAAN Managing Director, Olubunmi Kuku, and Comptroller General of Customs, Adewale Adeniyi, led the inspection, which highlighted reforms aimed at meeting FATF standards.
Key developments include improved currency declaration procedures, with designated areas for passengers to make accurate financial declarations.
Regular announcements remind passengers to declare amounts above $10,000, aligning with FATF compliance expectations.
Automation is expected to further ease the declaration process, with plans to manage declarations through data collected from passenger arrival cards.
The introduction of E-gates marks a significant step toward digitising border procedures, reducing touchpoints and enhancing screening. Passenger awareness is also being prioritised, with education on the need to declare currency where necessary.
At the cargo terminal, both leaders assessed infrastructure and trade processes, noting increased commitment to exports and faster clearance processes.
Non-intrusive inspection technologies will soon be introduced at more airports to ensure uniformity and efficiency.
With these coordinated reforms, Nigeria is confident about exiting the FATF grey list soon.
The FATF has acknowledged Nigeria’s substantial progress in implementing critical reforms, paving the way for an on-site assessment to verify the effectiveness of these reforms.
The Nigerian Financial Intelligence Unit (NFIU) has been coordinating the country’s efforts, with notable strides in improving beneficial ownership transparency, updating national risk assessments, and implementing risk-based supervision.
And should progress continue, Nigeria could exit the grey list by the end of 2025.
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