Financial crime watchdog adds South Africa, Nigeria to "grey list"

Cars drive past Nigerian national flags in Abuja, Nigeria 12 June 2021. Reuters/Afolabi Sotunde

The FATF is an inter-governmental organisation that underpins the fight against money laundering and terrorism financing by setting global standards and checking if countries respect them.

Paris-based FATF said the two countries were added to its list following a review.

What is greylisting and what impact will it have on South Africa?

Gabriel Rybko and Ashlin Perumall  24 Nov 2022

Being added to the grey list is a reputational knock for the South African government, which has been trying to address shortcomings identified by the FATF.

Analysts say it could also mean South African clients at international financial institutions will be subject to enhanced due diligence checks. It could also complicate South African attempts to access funding and support from multilateral development institutions and official lenders.