The Financial Action Task Force (FATF), a global money-laundering watchdog based in France, has officially removed Nigeria, South Africa, Mozambique, and Burkina Faso from its “grey list” of countries under increased monitoring.
The announcement came on Friday, following what the FATF described as “successful on-site visits” that confirmed “positive progress” by the four nations in strengthening their anti-money laundering and counter-terrorism financing frameworks.
The FATF maintains both “grey” and “black” lists for countries that fall short of its international standards for financial transparency and integrity. While blacklisted countries face severe sanctions and global restrictions, those on the grey list are identified as having “strategic deficiencies” but are cooperating with the FATF to address them within agreed timelines.
FATF President Elisa de Anda Madrazo described the removal of the four countries as “a positive story for the continent of Africa.” She noted that each country had demonstrated significant progress in addressing weaknesses in their financial systems.
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According to the FATF, South Africa overhauled its mechanisms to detect money laundering and terrorist financing; Nigeria enhanced coordination between its regulatory and enforcement agencies; Mozambique strengthened its financial intelligence sharing framework; and Burkina Faso improved oversight of its financial institutions.
Nigeria and South Africa were added to the grey list in 2023, Mozambique in 2022, and Burkina Faso in 2021. Their removal signals a major vote of confidence from the global financial community and could enhance investor sentiment across the region.
Nigeria welcomes the decision
Officials from all four countries hailed the FATF’s decision. Nigerian President Bola Ahmed Tinubu described the delisting as a “major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.”
Nigeria’s Financial Intelligence Unit (NFIU) also released a statement highlighting its role in achieving compliance. The agency said it had “worked resolutely through a 19-point action plan” to address deficiencies and strengthen the country’s anti-money laundering systems.
The FATF’s decision means that Nigeria and its counterparts will no longer be subjected to increased international monitoring, a development expected to boost investor confidence, ease cross-border financial transactions, and enhance the global standing of their financial systems.
Analysts have described the move as an important step for Africa’s financial image, with the four nations now positioned to attract greater foreign investment and cooperation from global partners.
