The Securities and Exchange Commission (SEC) has announced that Nigeria may soon exit the Financial Action Task Force (FATF) grey list, following the inclusion of digital assets regulation in the newly enacted Investments and Securities Act (ISA) 2025, recently signed into law by President Bola Ahmed Tinubu.
Director General of the SEC, Emomotimi Agama who stated this in an interview in Abuja Wednesday, said the inclusion of digital assets in the ISA 2025, provided the country with an avenue to exit the grey list as the new law aims to curb fraudulent activities in digital space, fostering trust and innovation in block chain technologies.
Nigeria was placed on the Financial Action Task Force (FATF) “grey list” (meaning increased monitoring) on February 24, 2023, alongside other jurisdictions, due to deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CFT) regime.
According to the SEC DG, “It may interest you to know that the AML CFT issue is what brought about our inclusion in the grey list, the inclusion of this law. Today provides us an avenue to exit that grey list and that is very critical to the international community.”
