South Africa and Nigeria are poised to exit a global financial watchdog’s “gray list” as soon as next month, marking a change in fortune for two of the continent’s biggest economies.
The two nations were put under heightened scrutiny by the Financial Action Task Force in February 2023 for shortcomings in tackling illicit financial flows. Assessors from the Paris-based FATF conducted on-site visits in recent weeks and subsequent feedback on the action plans for those countries — as well as for Burkina Faso and Mozambique — noted significant progress, according to people familiar with the matter who asked not to be identified as the deliberations are private.