CBN calls for Nigeria’s removal from money laundering list and targets $1 billion in transfers

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has announced continued efforts to remove Nigeria from the “Gray List” of the Financial Action Task Force (FATF), an anti-money laundering watchlist.

Speaking to journalists in Washington, US, after meetings with the World Bank on Sunday, Cardoso said his objective is central to the bank.

Nigeria was placed on the FATF gray list on February 24, 2024. Cardoso emphasized that the CBN is addressing this problem by working at the highest levels to resolve issues that prevent remittances from flowing through official channels. “Our goal is to remove Nigeria from the gray list, and we are actively working with stakeholders to make this happen,” he said.

Cardoso further shared the CBN’s target of growing remittances to $1 billion in the short term. To achieve this goal, his team is working with leading International Money Transfer Operators (IMTOs) to increase the use of formal channels for sending money to Nigeria.

The CBN Governor also highlighted an initiative targeting the Nigerian diaspora, which includes launching a non-resident account program in partnership with Nigerian banks. “In addition to meeting with global financial leaders, we have been working with Nigerian banks to engage the diaspora community through this new program,” Cardoso said.

Cardoso expressed optimism that the bank’s partnerships with IMTOs and its commitment to resource mobilization will drive remittances toward the $1 billion target. He reaffirmed his commitment to leading this effort through a task force focused on strengthening funding flows.