In a major boost for Africa’s financial reputation, the Paris-based Financial Action Task Force (FATF) has officially removed Burkina Faso, Mozambique, Nigeria, and South Africa from its “grey list” — a designation for countries under increased monitoring for weaknesses in combating money laundering and terrorist financing.

A New Chapter for Four Reform Leaders

🇧🇫 Burkina Faso

Burkina Faso has overhauled its anti-money laundering and counter-terrorism financing (AML/CFT) system since being listed in 2021. The country improved supervision of financial institutions, enhanced beneficial ownership transparency, and strengthened law enforcement and judicial capacity.

It also introduced tougher sanctions for violations and improved interagency coordination.

🇲🇿 Mozambique

After being listed in 2022, Mozambique made strides in risk-based supervision, financial intelligence sharing, and beneficial ownership data collection.

Authorities conducted a comprehensive terrorism financing risk assessment and began implementing a national counter-financing strategy, demonstrating a strong commitment to financial integrity.

🇳🇬 Nigeria

Listed in 2023, Nigeria acted quickly to close gaps in its AML/CFT regime. Key reforms include updated national risk assessments, stricter supervision of financial and non-financial sectors, and stronger enforcement of beneficial ownership rules.

Authorities have also increased money laundering and terrorism financing investigations and prosecutions, while safeguarding legitimate nonprofit activities.

🇿🇦 South Africa

South Africa’s removal marks a major policy success after intensive reforms in 2023. The country demonstrated significant improvements in investigating and prosecuting complex financial crimes, applying effective sanctions, and enforcing targeted financial measures against terrorism.

Strengthened interagency coordination and enhanced beneficial ownership transparency were also central to its success.

Progress Across Other African Nations

The FATF also recognized continued progress in several other African countries working toward compliance:

🇩🇿 Algeria: Advancing on risk-based supervision, beneficial ownership transparency, and terrorism financing controls.

🇦🇴 Angola: Enhancing risk understanding, supervision of non-bank sectors, and investigation of money laundering and terrorism financing.

🇨🇲 Cameroon: Improving interagency coordination and strengthening supervision and asset confiscation mechanisms.

🇨🇮 Côte d’Ivoire: Increasing use of financial intelligence and prosecuting financial crimes in line with risk profiles.

🇨🇩 DR Congo: Advancing TF investigations and strengthening risk-based supervision.

🇰🇪 Kenya: Making progress on risk-based supervision, beneficial ownership data collection, and interagency TF cooperation.

🇳🇦 Namibia: Enhancing enforcement capacity and strengthening cooperation between financial intelligence and law enforcement.

🇸🇸 South Sudan: Building supervisory frameworks and capacity for AML/CFT oversight, though further progress is needed.