"The Financial Action Task Force's (FATF), a financial crimes watchdog based in France, on Friday said it was removing the four countries after successful on-site visits that showed positive progress in addressing shortcomings within agreed timeframes. The FATF maintains grey and black lists for countries it has identified as not meeting its standards. It considers grey list countries to be those with strategic deficiencies in their anti-money laundering regimes, but which are nonetheless working with the organisation to address them."
"FATF President Elisa de Anda Madrazo called the removal of the four a positive story for the continent of Africa. South Africa revamped its tools to detect money laundering and terrorist financing, she said, while Nigeria created better coordination between agencies, Mozambique increased its financial intelligence sharing, and Burkina Faso improved its oversight of financial institutions. Nigeria and South Africa were added to the list in 2023, preceded by Mozambique in 2022 and Burkina Faso in 2021."
FATF removed South Africa, Nigeria, Mozambique and Burkina Faso from its grey list after on-site visits confirmed progress in addressing strategic deficiencies within agreed timeframes. Grey list designation applies to jurisdictions with anti-money laundering shortcomings that are cooperating to fix them. South Africa upgraded tools to detect money laundering and terrorist financing. Nigeria improved coordination between agencies and implemented a 19-point action plan. Mozambique increased financial intelligence sharing. Burkina Faso strengthened oversight of financial institutions. The four countries were listed between 2021 and 2023, and delisting follows demonstrated remedial actions while further work continues.
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]