NEWS & POLITICS
FATF removes South Africa, Nigeria, Mozambique, and Burkina Faso from Grey List
Four African countries have been removed from the global money-laundering greylist after implementing significant financial reforms, marking a major boost for the continent’s credibility in international markets
Enos Denhere
Paris, France — October 27 (Running Africa) — The Financial Action Task Force (FATF), the global watchdog against money laundering and terrorist financing, has officially removed South Africa, Nigeria, Mozambique, and Burkina Faso from its “grey list” of countries under increased monitoring, according to Al Jazeera.
The Paris-based FATF announced on Friday that the decision followed on-site evaluations confirming major improvements in financial oversight, regulatory compliance, and anti-money-laundering reforms across all four nations.
Strengthened Financial Systems Across Africa
The countries achieved delisting after demonstrating substantial progress in enforcement mechanisms, inter-agency collaboration, and international reporting standards, restoring investor confidence and credibility with global financial institutions.
- Burkina Faso enhanced oversight of its banking and non-financial sectors, tightening anti-laundering supervision.
- Nigeria modernized its financial regulations and strengthened coordination between banks and enforcement agencies.
- South Africa upgraded its systems for detecting money-laundering and terrorist-financing operations.
- Mozambique improved cross-border transaction monitoring and inter-agency information sharing.
A Continental Milestone
Burkina Faso was first added to the FATF grey list in 2021, followed by Mozambique (2022), and Nigeria and South Africa (2023). Their removal marks a significant milestone in Africa’s broader campaign to align with international financial transparency standards.
FATF President Elisa de Anda Madrazo described the move as “a positive development for the continent,” highlighting the countries’ determination to strengthen financial integrity.
Reactions from African Leaders
Leaders across the region welcomed the announcement. Nigerian President Bola Ahmed Tinubu hailed it as “a significant step toward economic reform, institutional integrity, and Nigeria’s global credibility.” Nigeria’s Financial Intelligence Unit added that it successfully met a 19-point FATF action plan.
Edward Kieswetter, head of the South African Revenue Service, called the delisting “a milestone, not the finish line,” emphasizing that continuous effort is needed to reinforce South Africa’s financial resilience.
While Mozambique has yet to issue a formal statement, Burkina Faso’s government earlier expressed optimism to Reuters about its removal from the list, calling it a sign of renewed confidence in the nation’s financial governance.
