Nigeria and South Africa have been added to the Financial Action Task Force’s (FATF) “grey list” of nations that need to step up efforts to combat money laundering and terrorism funding.
The two African nations were added to the international policy-making organization’s list on Friday following an investigation, which aims to fight against money laundering and the financing of terrorism.
According to the organization, adding a jurisdiction to its “grey list” indicates that it has made a commitment to swiftly rectifying any recognized strategic weaknesses within predetermined timelines and is now the focus of intensified scrutiny.
According to the FATF, jurisdictions that are subject to heightened monitoring are actively collaborating with the organization to resolve any strategic gaps in their programs to combat money laundering, terrorist funding, and proliferation finance.
“South Africa and Nigeria are new jurisdictions subject to greater scrutiny.
As the jurisdictions listed below report on the progress made in addressing their strategic inadequacies, the FATF and regional bodies modeled after the FATF (FSRBs) continue to work with those governments.
The FATF requests that these jurisdictions complete their action plans quickly and according to the predetermined deadlines.
The FATF claims that nations that are under closer scrutiny are actively working with the group to overcome any strategic gaps in their initiatives to combat money laundering, terrorism financing, and proliferation finance. Nigeria and South Africa are recent nations that are being examined more closely.
The FATF and regional organizations modeled after the FATF (FSRBs) continue to cooperate with the governments of the jurisdictions mentioned below as they provide updates on their efforts to rectify their strategic deficiencies.
The FATF urges that these jurisdictions finish their action plans as soon as possible and within the dates set forth.