Recent changes to FATF grey list: South Africa and Nigeria added

The Financial Action Task Force (FATF) is a global anti-money laundering watchdog that monitors and assesses countries’ efforts in combating money laundering and terrorism financing. Recently, on 24 February 2023, FATF added, among others, South Africa and Nigeria to its “grey list” of countries that do not meet the standards set by the organization. This development is significant, as South Africa and Nigeria are Africa’s two largest economies, and their inclusion in the grey list could have far-reaching implications for their financial systems.

Additionally, FATF removed Cambodia and Morocco from its grey list, citing significant progress in their efforts to improve their AML/CFT regimes. This demonstrates that countries can take concrete steps to address the issues identified by FATF. It also highlights the importance of collaboration between governments, financial institutions, and other stakeholders in the fight against money laundering and terrorism financing.

In conclusion, the inclusion of South Africa and Nigeria in FATF’s grey list highlights the need for these countries to strengthen their AML/CFT regimes to address the identified deficiencies. Lastly, find below the latest table with all the Jurisdictions that are on the “grey list” and the “black list”.

Please find below the relevant FATF link:

https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/Increased-monitoring-february-2023.html