Abuja / Pretoria — October 24, 2025
In a major boost for Africa’s financial reputation, the Financial Action Task Force (FATF) has officially removed South Africa and Nigeria from its “grey list” of countries under increased monitoring for money-laundering and terrorism-financing risks.
The decision was announced at the FATF plenary in Paris on Thursday after both nations demonstrated “significant progress” in strengthening their financial-crime frameworks, improving regulatory oversight, and enforcing transparency in cross-border transactions.
Nigeria’s Minister of Finance, Wale Edun, hailed the move as “a global vote of confidence in Nigeria’s financial integrity.”
“Our reforms are paying off. This achievement shows that Nigeria’s financial sector is credible, resilient, and open for responsible investment,” he told reporters in Abuja.
South Africa’s Treasury also welcomed the development, noting that it would enhance investor confidence and ease the cost of international transactions. Treasury spokesperson Lorraine Mashaba said:
“Exiting the grey list is not the end but the beginning of a new era of accountability and compliance. South Africa’s financial system must remain a trusted global partner.”
The FATF decision is expected to attract renewed capital inflows, especially in banking, fintech, and trade financing, and analysts say it could improve the region’s overall credit perception.
Financial-governance expert Dr. Tinashe Ncube from the University of Cape Town noted that “the domino effect could encourage other African economies still under monitoring to accelerate reforms.”
