South Africa and Nigeria have been officially removed from the Financial Action Task Force (FATF) “grey list,” marking a significant milestone in both countries’ efforts to strengthen anti-money laundering and counter-terrorism financing frameworks. The decision was confirmed following the FATF’s latest plenary meeting in Paris, where member nations reviewed the progress of jurisdictions under enhanced monitoring.
According to Reuters, the removal comes after both African economies implemented extensive reforms, including tighter financial reporting standards, greater transparency in beneficial ownership, and improved inter-agency cooperation. Bloomberg reported that these measures were instrumental in addressing deficiencies identified during the FATF’s earlier assessments.
South Africa’s Finance Minister, Enoch Godongwana, said the delisting reinforces investor confidence and reflects the country’s “commitment to maintaining a resilient, transparent financial system.” In Nigeria, the Financial Intelligence Unit (NFIU) described the move as “a validation of the government’s sustained drive to combat illicit financial flows and improve international compliance.”
As highlighted by Financial Times, exiting the watch list is expected to ease capital inflows and reduce compliance costs for banks operating in both nations, offering a boost to trade and investment prospects across Africa’s largest economies.
