ANEEJ Welcomes FATF’s New Global Asset Recovery Guidance, Calls for Strengthened Implementation in Nigeria

ABUJA, NIGERIA. November 5, 2025 – The Africa Network for Environment and Economic Justice (ANEEJ) has welcomed the release of the Financial Action Task Force (FATF)’s new Asset Recovery Guidance and Best Practices, describing it as a landmark framework to strengthen global and national efforts to deprive criminals of illicit wealth and ensure that stolen assets are recovered and repurposed for development and justice.

According to the FATF, global recovery of illicit financial flows remains extremely low—often estimated at less than one percent of total proceeds of crime. The new guidance therefore calls on jurisdictions to make asset recovery a policy and operational priority, recognising that depriving criminals of their gains is just as important as prosecuting them. It emphasises that removing the financial motivation for crime is essential to deterring criminal organisations, terrorists, and money launderers around the world.

The guidance provides comprehensive recommendations covering all aspects of the recovery process—from the tracing, freezing, seizure, and confiscation of illicit assets to their transparent return for the benefit of victims and affected communities. It also includes over 85 real-world examples of successful asset recovery efforts from across the FATF Global Network, underscoring practical approaches to overcome legal and institutional barriers.

ANEEJ Executive Director, Rev. David Ugolor, commended the FATF for releasing the updated framework, noting that it resonates strongly with Nigeria’s ongoing reforms in asset recovery, anti-corruption, and financial transparency.

“Nigeria’s experience over the past two decades has shown that asset recovery is not only about returning stolen wealth but also about rebuilding public trust and promoting accountability. FATF’s guidance validates our long-standing call for stronger inter-agency collaboration, transparent asset management, and equitable use of recovered funds to benefit citizens directly,” Ugolor said.

He added that Nigeria has made significant progress in strengthening its anti-corruption architecture, including reforms to the Proceeds of Crime (Recovery and Management) Act (POCA) 2022, which established a central framework for managing recovered assets. The recent removal of Nigeria from the FATF Grey List in October 2025, following major improvements in its anti–money laundering and counter–terrorist–financing (AML/CFT) systems, reflects growing international confidence in these reforms.

However, ANEEJ observed that Nigeria’s asset recovery framework still faces gaps, including weak inter-agency coordination, limited public reporting, and insufficient victim compensation mechanisms. “The FATF’s guidance gives countries like Nigeria a fresh opportunity to consolidate gains and align domestic laws with global best practices,” Ugolor added. “We must move from recovery to responsible reinvestment — ensuring that returned assets are used transparently for development and poverty reduction.”

ANEEJ urged the Federal Government, anti-corruption agencies, and relevant stakeholders—particularly the Federal Ministry of Justice, EFCC, ICPC, NFIU, and the Office of the Accountant-General of the Federation—to adopt the FATF’s recommendations and integrate them into Nigeria’s asset recovery and management processes. The organization also called on civil society, the media, and citizens to play an active role in monitoring the utilization of recovered assets to prevent re-looting.

“FATF’s guidance is a timely reminder that the true measure of justice is not only in prosecuting offenders but in ensuring that stolen wealth is returned to the people and used to rebuild the systems weakened by corruption,” Ugolor concluded.

The FATF’s new Asset Recovery Guidance and Best Practices will serve as a global reference tool for policymakers, law enforcement, prosecutors, judicial authorities, asset managers, and civil society to collaborate more effectively in depriving criminals of illicit gains and strengthening the integrity of the global financial system.

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