FATF Removes Nigeria, South Africa, Mozambique, and Burkina Faso from Grey List
A global financial crimes watchdog, the Financial Action Task Force (FATF), has officially removed South Africa, Nigeria, Mozambique, and Burkina Faso from its “grey list” of countries under increased monitoring for money laundering and terrorist financing concerns. The FATF, headquartered in France, announced the decision on Friday following what it described as “successful on-site visits” that confirmed significant progress by all four countries in addressing identified deficiencies within the agreed timelines. The organization maintains two key lists: the “grey list,” which includes countries making efforts to correct weaknesses in their anti-money laundering frameworks, and the “black list,” reserved for jurisdictions that pose the highest financial crime risks and show little cooperation. FATF President Elisa de Anda Madrazo called the delisting “a positive story for the continent of Africa,” noting that each country demonstrated substantial reforms. According to the FATF, South […]
