FATF Removes Four African Countries from Financial Crime List
The Financial Action Task Force (FATF), the global body combating financial crimes, has taken South Africa, Nigeria, Mozambique, and Burkina Faso off its enhanced monitoring list for illicit financial activities.
Previously, South Africa and Nigeria-two major economies in Sub-Saharan Africa-were added to FATF’s “gray list” in 2023. Mozambique had been on the list since 2022 and Burkina Faso since 2021.
Analysts say this removal may ease foreign investment inflows into these countries and reduce delays in financial transactions.
FATF noted that South Africa has strengthened its tools for detecting money laundering and terrorist financing. Nigeria improved coordination among agencies. mozambique enhanced financial data sharing, while Burkina Faso increased oversight of financial institutions and regulatory bodies.
