The global watchdog for money laundering and terrorist financing, the Financial Action Task Force has placed Nigeria on its grey list.
The FATF has 40 recommendations that provide guidelines for a country’s financial system to prevent money laundering and the financing of terrorist organisations.
The watchdog currently has two lists that point out countries with weak laws to prevent money laundering and terrorist financing; they are called the black list and the grey list.
They include countries like Turkey, the United Arab Emirates, South Sudan, and Haiti. As 73% of countries have been removed since the list’s inception, it is not a permanent list, and nations have the chance to be taken off it after cooperating with the FATF to address their failings.