Nigeria, South Africa included in global money laundering watch list

Nigeria and South Africa have been added to the money laundering watch list of the Financial Action Task Force (FATF), the organisation disclosed.

FATF, an intergovernmental policy-making body, which works to neutralise money laundering and the financing of terrorism, included the African countries after updating its list on Friday.

It was gathered that FATF increased its monitoring of money laundering in the countries following the African nations’ commitment to combat illicit activities.

Countries are included on the list after they pledge to tackle money laundering. In Nigeria, the country’s anti-graft agencies are the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission.

Addressing the updated list, FATF said, “Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.

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“New jurisdictions subject to increased monitoring are South Africa and Nigeria.

“The FATF and FATF-style regional bodies (FSRBs) continue to work with the jurisdictions below as they report on the progress achieved in addressing their strategic deficiencies.

“The FATF calls on these jurisdictions to complete their action plans expeditiously and within the agreed timeframes.

“The FATF welcomes their commitment and will closely monitor their progress. The FATF does not call for the application of enhanced due diligence measures to be applied to these jurisdictions.”

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