Financial Action Task Force (FATF) Removes Nigeria & South Africa from Grey-List

Abuja/Johansburg. In a notable shift for African economies, the global anti-money-laundering watchdog, the Financial Action Task Force (FATF), announced the removal of Nigeria and South Africa — two of the continent’s largest economies — from its “grey list” of countries under increased scrutiny for illicit financial flows. Also removed were Mozambique and Burkina Faso.

The decision came after improved regulatory regimes, stronger oversight, and enhanced cooperation in asset-recovery frameworks. The FATF also launched new guidance aimed at helping countries address emerging risks posed by artificial intelligence and deep-fake technologies in financial crime.

For Nigeria and South Africa, this milestone carries economic, reputational and investment implications:

Investor confidence may receive a boost, as grey-listing often deters foreign direct investment and raises compliance costs.

Financial sector reforms will continue to be under spotlight as local regulators aim to ensure the improvements are sustained.

The move signals Africa’s increasing alignment with global standards on anti-money-laundering and counter-terror-financing (AML/CFT) efforts.