The Financial Action Task Force (FATF) has added Nigeria and South Africa to its “grey list” of countries that need to improve efforts to tackle money laundering and terrorism financing.

According to the intergovernmental policy-making agency that pursues to wage war against money laundering and the financing of terrorism, the two African nation countries were added to its list on Friday after an examination.

The organisation explained that the inclusion of jurisdiction to its grey list means that the country has committed to quickly resolving 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.

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 welcomes their commitment and calls on these jurisdictions to complete their action plans expeditiously and within the agreed timeframes.