The Financial Action Task Force (FATF), the global watchdog against money laundering and terrorism financing, has removed Nigeria from its grey list, marking the end of nearly three years of heightened monitoring and signaling renewed investor confidence in the country’s economy.
FATF announced the development on Friday, stating that Nigeria was delisted alongside South Africa, Burkina Faso, and Mozambique after the countries demonstrated significant progress in strengthening their anti-money laundering and counter-terrorism financing frameworks.
Nigeria and South Africa were placed on the grey list in February 2023, while Mozambique joined in October 2022 and Burkina Faso in February 2021. Their removal follows the successful implementation of FATF’s recommended reforms aimed at improving financial transparency and regulatory compliance.
