Image Credit: Deyon Daniel
The Digest:
In a significant boost for Africa's largest economies, Nigeria and South Africa have been removed from the Financial Action Task Force's "grey list" of countries subject to increased monitoring for money laundering and terrorist financing. The delisting by the Paris-based global watchdog follows substantial reforms by both governments to strengthen their financial systems and combat illicit financial flows.
Key Points:
- Nigeria and South Africa were removed from the FATF's "grey list" on Friday.
- The delisting follows strengthened anti-money laundering efforts by both nations.
- Nigeria had been on the list since February 2023, South Africa since October 2022.
- Finance Minister Wale Edun called it a confidence boost for Nigeria's economy.
- The move is expected to ease cross-border transactions and attract foreign investment.
- Nigeria receives about $20 billion annually in remittances, which may now increase.
- The decision may also accelerate major projects like Mozambique's LNG development.
Sources: Bloomberg
