FATF has officially removed Nigeria and South Africa from its grey list after reforms tackling money-laundering and terrorist financing.
The Financial Action Task Force (FATF) has removed Nigeria and South Africa from its grey list, praising their progress in fighting money-laundering and terrorism financing. The two African powerhouses, alongside Mozambique and Burkina Faso, are no longer under enhanced monitoring.
FATF said both nations strengthened financial oversight, inter-agency coordination, and crypto regulation, aligning their systems with global transparency standards. South Africa’s reforms included introducing digital asset laws and rebuilding weakened institutions from the “state capture” era.
For Nigeria, the move signals stronger cooperation with international regulators and could boost remittances and foreign investment by easing cross-border transactions. Both countries had been on the grey list since February 2023, a status that previously raised investor concerns.
FATF President Elisa de Anda Madrazo called the delisting “a positive story for Africa.” Experts, however, warn that continued vigilance is essential to maintain reform momentum and prevent future compliance lapses.
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