FATF puts South Africa, Nigeria on ‘grey list’
Johannesburg, Feb 25 (PTI) Global anti-money laundering watchdog FATF on Friday added South Africa and Nigeria to its “grey list” of countries for failing to combat money laundering and terrorism financing, in a setback to Africa’s two largest economies.
The decision of the Paris-based Financial Action Task Force (FATF) indicates to global banks, financial institutions and investors that these countries are not fully compliant with anti-money laundering and terrorist financing standards.
This was despite desperate attempts by South Africa to pass several relevant laws late last year, as well as a high-level delegation sent to the FATF recently to make representations.
