Nigeria and South Africa were taken off a global watchdog’s dirty-money list, providing a fillip for increased remittances and foreign investment in two of Africa’s largest economies.
The Paris-based Financial Action Task Force, according to Bloomberg, said on Friday that the countries — along with Mozambique and Burkina Faso — are no longer on the list of jurisdictions subject to increased monitoring, after their governments stepped up efforts to combat money laundering and terrorist financing.
South Africa and Nigeria landed on the gray list in February 2023, while Mozambique was added in October 2022 and Burkina Faso originally got designated in February 2021.
At the FATF’s June plenary, the organization praised the nations for their recent reforms to address illicit financial flows.
(Vanguard)
