Nigeria and South Africa are on track to be removed from the Financial Action Task Force’s (FATF) “grey list” as early as October, signaling progress in curbing money laundering and terrorist financing. Both countries were placed under heightened monitoring in February 2023 for gaps in addressing illicit financial flows. However, recent on-site inspections suggest that authorities in South Africa and Nigeria have met most of the required actions, with final decisions expected at the FATF plenary meeting on October 24. Exiting the grey list could boost investor confidence and economic growth, as previous International Monetary Fund analysis shows that grey listing can reduce capital inflows by up to 7.6% of GDP. This move could be particularly timely for South Africa. It is also a major boost for Mozambique, another country set for removal, as it prepares to restart a massive $20 billion natural gas project.
Business Insider Africa
