FATF Grey List: EFCC, DNFBPs Deepen Collaboration

The Economic and Financial Crimes Commission, EFCC and the Designated Non-Financial Businesses and Professions DNFBPs, have restated their resolve to strengthen and deepen the existing collaboration between them in order to support Nigeria’s bid to exit the Financial Action Task Force,  FATF grey list. 

This agreement was reached recently when the newly appointed Director of the Special Control Unit against Money Laundering SCUML, Harry Erin, paid strategic courtesy visits to critical stakeholders, including Association of Trustees and Segilola Resources Operating Limited, among others on April 2 and 3, 2025. 

The  theme of the separate engagements was “ Strengthening Strategic Partnerships for Effective AML/CFT Compliance: Exiting the FATF Grey List and Beyond.” 

During his engagement with the leadership of the Nigerian Network of NGOs, NNNGO, a national platform with over 4,000 members, discussions centered on building the capacity of Non-Profit Organizations (NPOs), simplifying compliance processes, and developing accessible templates to help NPOs fulfill their AML/CFT obligations with greater ease and consistency. 

In another engagement, Erin lauded the ongoing regulatory compliance clinic as well as the   advocacy efforts of Space for Change, a prominent civic group operating within the digital and civil society space. 

He said: “ These initiatives have been   helping to close the knowledge gaps and improve regulatory engagements among the NGOs.” 

Also speaking  during a visit to the Lagos State Gaming and Lottery Authority, Erin reaffirmed SCUML’s commitment to fostering compliance efficiency through strategic partnerships, while emphasizing the need to balance it “with firm enforcement and sanctioning of non-compliant entities.”

According to him, “ exiting the FATF grey list is not the final destination, but rather a springboard for entrenching sustainable reforms across all Designated Non-Financial Businesses and Professions , DNFBPs”

Both the EFCC and the  LSLGA explored opportunities for collaboration in market entry controls, supervision, and harmonization of compliance protocols to curb illicit financial flows in the gaming sector. 

In the same vein, the Association of Chief Compliance Officers of Banks in Nigeria, ACCOBIN, during an engagement with the SCUML Director, acknowledged what it described as “SCUML’s evolving role in the compliance ecosystem.”

The Association, however,  sought a more robust outreach and engagement with the  EFCC to enhance alignment and implementation of regulatory expectations by banking compliance professionals in the country.