Africa’s two largest economies, South Africa and Nigeria, have been removed from the Financial Action Task Force (FATF) greylist, which tracks countries subject to enhanced monitoring for potential money laundering activities.
Both countries were added to the list in February 2023, while Mozambique has been listed since 2022, and Burkina Faso since 2021.
The FATF highlighted improvements across the continent: South Africa has strengthened its capacity to detect money laundering and terrorist financing, Nigeria has enhanced inter-agency coordination, Mozambique has improved financial intelligence sharing, and Burkina Faso has reinforced oversight of financial institutions.
“Each plenary strengthens the global fight against crime, and this session brought positive developments, especially for Africa,” FATF president Elisa de Anda Madrazo said at a press conference.
The South African Revenue Service (SARS) said this is a significant moment for the country and a testament to the whole of government approach and its institutions to restore the integrity of the country’s financial system.
The revenue collector said while the FATF’s initial grey-listing in February 2023 was a consequence of systemic weaknesses aggravated during the era of state capture, SARS is acutely aware that it, along with other key institutions, was impacted and must continue to play a crucial role in preventing any future regression.
“We recognise that removing the designation of grey listing is not a finish line but a milestone on a long-term journey toward building a robust and resilient financial ecosystem,” SARS Commissioner Edward Kieswetter noted.
Brand South Africa also welcomed the removal, describing it as a defining moment for the country’s image, credibility, and economic trajectory. The organization emphasized that beyond being a technical milestone, it reflects the resilience of South Africa’s institutions, reform-driven leadership, and its reputation as a transparent and globally competitive economy.
Chief Executive Officer of Brand South Africa, Neville Matjie, said the exit from the greylist not only restores trust in the country’s financial system but also reinforces confidence in South Africa as a destination where integrity, innovation, and inclusive growth converge.
“This moment reaffirms our brand essence: a resilient, connected, and reform-minded nation that continues to inspire trust, attract opportunity, and build shared prosperity,” Matjie added.
