Nigeria and South Africa may be removed from the Financial Action Task Force (FATF) grey list as early as next month, Bloomberg reported Tuesday, citing sources familiar with the matter. Assessors who carried out recent on-site visits reportedly confirmed significant progress in both countries’ anti-money laundering frameworks.
The Paris-based FATF had placed Nigeria and South Africa under increased monitoring in February 2023 for weaknesses in addressing illicit financial flows. A final decision is expected on October 24 at the FATF plenary in Paris. Burkina Faso and Mozambique are also expected to exit the grey list pending confirmation.
Lauren van Biljon, senior portfolio manager at Allspring Global Investments, said removal from the grey list would signal the effectiveness of reforms implemented over the past year.
“The market impact may be modest but could provide a short-term lift to asset prices,” she said.
In June 2025, Nigeria’s Financial Intelligence Unit (NFIU) reported a breakthrough in its fight against money laundering and terrorism financing, earning FATF approval for an on-site assessment. By July, the government had secured convictions for over 730 individuals on terrorism-related offences.