South Africa, Nigeria added to FATF’s AML/CFT watchlist

The Financial Action Task Force (FATF) placed Nigeria and South Africa on its so-called “grey list” of countries requiring increased monitoring because of deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.

The global money laundering and terrorism financing watchdog made the announcement in a press release Friday.

“When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring,” the organization said regarding countries it designates.