Businesses in Nigeria and Morocco have something to be thankful for, as the Financial Action Task Force (FATF) has announced that the two nations have been removed from its monitoring list.
The FATF is an international body that monitors money laundering and terrorist financing risk and activities around the world. After the group’s recent meeting in France, it adjusted the rankings of several nations on its list of countries that are deficient in addressing these concerns. Countries that are given poor ranks by FATF will have trouble doing business with the banking systems of the group’s member states, such as the U.K. and the U.S.
The international organization congratulated the two African nations for making progress toward reforming their anti-money laundering and terrorism financing statutes.
Reacting to the news, the head of Nigeria’s delegation to the FATF, Stephen Oronsaye, was pleased with the news, telling the Nigerian press, “It is expected that there will be great reduction in the costs and time line of financial transactions between individuals and institutions between Nigeria and other countries.”
Other countries moved up and down the FATF lists as well. Algeria was downgraded one notch, while Antigua and Barbuda moved up, having made progress on its plans to fight money laundering and terrorism financing. Mongolia’s position remained steady, but the FATF warned the Asian nation that it could face a drop soon if it does not shape up. New Zealand and Russia received accolades for improving their efforts to fight these criminal activities.