By Muhammad Mamman
In a major boost to financial credibility across Africa, the Financial Action Task Force (FATF) — the global watchdog against money laundering and terrorism financing — has announced the removal of Nigeria, South Africa, Mozambique, and Burkina Faso from its grey list of countries under increased monitoring.
The announcement was made during the FATF’s plenary meeting in Paris, marking a significant milestone for the four nations, which have spent years working to strengthen financial oversight, enhance transparency, and tighten anti-money laundering (AML) and counter-terrorism financing (CTF) measures.
The grey list includes countries deemed to have strategic deficiencies in combating illicit financial flows but that have committed to working with FATF to address them. Removal from the list signifies that these nations have successfully implemented recommended reforms and improved compliance with international financial standards.
For Nigeria, the delisting follows sweeping reforms led by the Nigerian Financial Intelligence Unit (NFIU) and increased coordination between government agencies to trace suspicious transactions, curb illicit capital flight, and improve asset recovery frameworks. President Bola Tinubu described the move as a “milestone in Nigeria’s pursuit of transparency, credibility, and investor confidence.”
Similarly, South Africa’s removal reflects recent efforts to clamp down on state capture-linked corruption, strengthen prosecutorial independence, and improve information sharing among financial regulators. Mozambique and Burkina Faso were commended for enhancing their investigative and judicial capacities to deal with cross-border financial crimes.
The FATF’s decision is expected to have far-reaching economic implications, including improved foreign investment prospects, easier access to global financial systems, and a boost in international confidence in Africa’s financial governance structures.
Experts say the move demonstrates the continent’s growing commitment to meeting global standards and protecting its economies from criminal exploitation.
