The Financial Action Task Force, (FATF) a global anti-money laundry group, has formally ended its monitoring of Nigeria over lingering suspicions that the country may still be a haven for money laundering and terrorist financing. A statement issued Saturday in Abuja, by Osita Nwajah, head of media and publicity of the Nigerian Economic and Financial Crimes Commission (EFCC), said the global anti-money laundering body, after a meeting, Friday, in Paris, France, noted the significant progress Nigeria has made over the last one year, including its recent admission into the Egmont Group (a worldwide network of financial intelligence units), decided to lift the cautionary red-flagging of the country.

FATF suspended its four year-long blacklisting of Nigeria in June 2007 in appreciation of the strict enforcement of Nigeria’s anti-money laundering laws and the anti-corruption war championed by the EFCC, he said. Nwajah said FATF has been closely monitoring the situation in Nigeria. "On Friday, 29 June, they formally ended that watch and fully welcomed Nigeria back into the comity of nations taking firm action against money laundering and terrorist financing". He said after its plenary meeting, FATF resolved that "Since one year has passed after Nigeria’s de-listing, and no particular concerns raised since then, FATF has ended the monitoring of Nigeria."