Abuja, FCT – The Africa Network for Environment and Economic Justice (ANEEJ) has thrown its weight behind the Financial Action Task Force's (FATF) freshly released Asset Recovery Guidance and Best Practices, calling it a "landmark framework" that could supercharge Nigeria's battle against illicit financial flows and corruption.

Unveiled just days ago in Paris, the comprehensive guide aims to turbocharge global efforts to strip criminals of their dirty money, emphasizing that seizing assets is as crucial as courtroom convictions.

With worldwide recovery rates hovering at a dismal less than 1% of crime proceeds, the FATF stresses that hitting offenders in the wallet is key to dismantling money laundering rings, terrorist networks, and organized crime syndicates.

Packed with over 85 real-world case studies from the FATF's global network, including standout examples from India, where the Enforcement Directorate traced and seized billions in crypto from Ponzi schemes, the document covers the full lifecycle of asset recovery: from tracing and freezing to seizure, confiscation, and equitable repatriation.

It also spotlights innovative tools like blockchain analysis in the U.S., which unlocked over $400 million in illicit funds, and victim compensation funds that returned 91% of losses to 40,000 people.

ANEEJ's Executive Director, Rev. David Ugolor, praised the timing of the release, linking it directly to Nigeria's fresh momentum in financial reforms.

"This guidance isn't just a document—it's a blueprint that validates our push for inter-agency teamwork, transparent fund management, and putting recovered cash back into citizens' pockets," Ugolor said

He highlighted how Nigeria's two-decade saga of high-profile graft cases has underscored asset recovery's dual role: clawing back stolen billions and restoring faith in governance.

The praise comes hot on the heels of Nigeria's delisting from the FATF's "grey list" last month a major win announced at the October 2025 plenary in Paris, where the country joined South Africa, Mozambique, and Burkina Faso in shaking off the stigma of heightened scrutiny.

Added to the list in February 2023 over AML/CFT gaps, Nigeria's exit reflects beefed-up coordination among agencies, sharper financial intelligence, and tougher enforcement—earning kudos from FATF President Elisa de Anda Madrazo for proving that "justice systems work."

Ugolor pointed to domestic strides like the 2022 Proceeds of Crime (Recovery and Management) Act (POCA), which centralized asset handling, as aligning seamlessly with the FATF's playbook. Yet, he didn't sugarcoat the hurdles: "We've come far, but weak coordination between agencies, spotty public disclosures, and skimpy victim payouts remain thorns in our side. This guide hands us a roadmap to plug those holes and turn recovery into real reinvestment—for schools, roads, and poverty busting."

In a pointed call to action, ANEEJ urged the Federal Ministry of Justice, Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU), and the Accountant-General's office to weave the FATF recommendations into national policy pronto.

Civil society, journalists, and everyday Nigerians, they added, must keep watch to stop recovered loot from vanishing into thin air again.

"FATF's message is crystal: Justice isn't sealed with a guilty verdict—it's measured by how we redeploy stolen wealth to heal corruption's scars," Ugolor wrapped up.

As countries like Nigeria gear up to implement these best practices, the guide positions itself as an essential toolkit for prosecutors, cops, judges, and activists worldwide, fortifying the global financial system's defenses against illicit gains.

With illicit finance costing Africa billions annually, ANEEJ's endorsement signals a pivotal moment: from grey-list graduate to asset-recovery trailblazer.