FATF is a intergovernmental policy-making body that seeks to
combat money laundering and the financing of terrorism.
FATF said the two African countries were added to its list
on Friday following a review.
The organisation explained that the inclusion of a
jurisdiction to its grey list means that the country has committed to swiftly
resolve the identified strategic deficiencies within agreed timeframes and is
subject to increased monitoring.
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,”
FATF said.
“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.”
For the “illegal, unprovoked and unjustified full-scale
military invasion of Ukraine”, since February 24, 2022, the FATF also suspended
the membership of Russia.
“The Russian Federation’s continuing and intensifying war of
aggression against Ukraine runs counter to FATF’s principles of promoting
security, safety and the integrity of the global financial system and the
commitment to international cooperation and mutual respect upon which FATF
Members have agreed to implement and support the FATF Standards,” it said.
“As a result, the FATF Plenary has today suspended the
membership of the Russian Federation.”
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