GIABA Warns Against Complacency Following Delisting from FATF Grey List
The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has issued a warning to Nigeria and other recently delisted countries from the Financial Action Task Force (FATF) grey list. The organization urges these nations to remain vigilant, sustain their reform efforts, and strengthen their anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks.
Mr. Edwin W. Harris Jr., Director General of GIABA, delivered this caution during his welcome address at the 2025 FATF/GIABA Joint Experts Meeting (JEM) in Accra, Ghana. He emphasized that while the progress made by several African countries is commendable, maintaining compliance with global standards requires ongoing effort and adaptability.
Harris praised Nigeria, Burkina Faso, South Africa, and Mozambique for their successful removal from the FATF list of jurisdictions under increased monitoring. He described this as a significant milestone for Africa’s financial integrity. “This achievement reflects the sustained commitment, technical rigor, and high-level political will demonstrated by all the countries in addressing strategic deficiencies in their AML/CFT frameworks,” he said.
However, he cautioned that the journey toward sustained compliance is not linear. “It requires vigilance, adaptability, and a shared resolve to uphold the integrity of our financial systems in the face of evolving threats.”
The delisting of Nigeria and Burkina Faso, both GIABA member states, reinforces confidence in the region’s ability to protect its financial systems. Yet, it also serves as a reminder that continuous effort is required to maintain global standards. Harris stressed that complacency is not an option. “We must continue to build on the momentum achieved, ensuring that the reforms are institutionalized and sustainable.”
Focus on Strengthening Regional Cooperation
Harris also highlighted the importance of national coordination and regional cooperation in maintaining progress. He noted that the recent delisting demonstrates growing maturity and collaboration among African nations in tackling financial crimes. This development is expected to enhance investor confidence, improve correspondent banking relationships, and project a stronger image of Africa’s financial systems globally.
GIABA has commenced its third round of mutual evaluations, with Ghana set to be the first member state to undergo the process. Harris called on the Government of Ghana and other ECOWAS member states to provide full support to the exercise. He emphasized that it is a nationally owned process requiring inter-agency collaboration and political leadership.
Key Themes of the 2025 FATF/GIABA Joint Experts Meeting
The 2025 FATF/GIABA Joint Experts Meeting, hosted by Ghana, focuses on two critical themes: Trade-Based Financial Crime (TBFC) and Terrorist Financing (TF). The event brings together experts from FATF, GIABA member states, law enforcement agencies, and international partners to share experiences and develop practical strategies for addressing emerging threats.
Harris reaffirmed GIABA’s commitment to supporting member states through technical assistance, regional projects, and policy coordination. This support aims to consolidate and sustain recent gains in AML/CFT efforts.
Ongoing Challenges and Future Steps
Despite the progress, the challenges posed by evolving financial crimes remain significant. The need for robust frameworks, continuous improvement, and international collaboration cannot be overstated. As the region moves forward, maintaining the momentum achieved will be crucial to ensuring long-term success.