July 10, 2006 News Archive

FATF Removes Nigeria from Uncooperative List
The Financial Action Task Force (FATF) recently decided to remove Nigeria from its list of countries and territories that are uncooperative in the international community's efforts to fight money laundering. At a June 23 meeting, the international task force made up of 33 countries, recognized that Nigeria had made progress in adopting anti-money laundering reforms by establishing a financial intelligence unit and improving money laundering investigations, prosecutions and convictions.

FATF said it would continue to monitor the situation in Nigeria over the next year. The task force noted that of the 23 jurisdictions that were designated as uncooperative in fighting money laundering in 2000 and 2001, only Myanmar remains on the list. FATF is planning to visit Myanmar to verify progress on meeting international standards.