The Financial Action Task Force (FATF) has removed Nigeria, South Africa, Mozambique, and Burkina Faso from its list of countries under increased monitoring for financial crimes.Â
The announcement came on Friday at the end of the organization’s plenary meeting in Paris.
The decision marks a significant shift for the four African nations, which had spent years working to strengthen their anti–money laundering and counter–terrorism financing frameworks.
Burkina Faso was first listed in 2021, followed by Mozambique in 2022, and both Nigeria and South Africa in 2023.
According to FATF, the countries demonstrated measurable improvements in regulation and enforcement.
Nigeria enhanced coordination among financial agencies, while South Africa upgraded systems for detecting money laundering and terror financing.
Mozambique boosted intelligence sharing between institutions, and Burkina Faso tightened oversight of financial entities and service providers.
Analysts say the removal could improve investor confidence, ease cross-border transactions, and help attract more foreign capital into the region.
