GIABA Warns Delisted Countries to Maintain Vigilance in AML/CFT Efforts
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, urging them not to become complacent. The call comes as these nations are encouraged to continue their efforts in strengthening anti-money laundering (AML) and counter-terrorist financing (CFT) frameworks.
During the 2025 FATF/GIABA Joint Experts Meeting (JEM), held in Accra, Ghana, GIABA’s Director General, Mr. Edwin W. Harris Jr, delivered a keynote address emphasizing the importance of sustained reforms. He commended Nigeria, Burkina Faso, South Africa, and Mozambique for their progress, which led to their removal from the FATF list of jurisdictions under increased monitoring. This development was hailed as a significant milestone for Africa’s financial integrity.
Harris highlighted that the achievement reflects the commitment, technical rigor, and political will demonstrated by these countries in addressing strategic deficiencies in their AML/CFT frameworks. However, he stressed that the journey toward sustained compliance is not linear and requires vigilance, adaptability, and a shared resolve to uphold the integrity of financial systems in the face of evolving threats.
He noted that while the delisting of Nigeria and Burkina Faso reinforces confidence in the region’s capacity to protect its financial systems, it also serves as a reminder of the continuous effort required to maintain global standards. According to the GIABA chief, the delisting should not be viewed as the end of the process but rather as a new beginning that calls for stronger national coordination and deeper regional cooperation.
“Complacency is not an option,” he said, adding, “We must continue to build on the momentum achieved, ensuring that the reforms are institutionalized and sustainable.”
Ongoing Evaluations and Regional Collaboration
Harris disclosed that GIABA has begun its third round of mutual evaluations, with Ghana set to be the first member state to undergo the process. He called on the Government of Ghana and other Economic Community of West African States (ECOWAS) member states to provide full support to the exercise, emphasizing that it is a nationally owned process requiring inter-agency collaboration and political leadership.
The GIABA Director General also highlighted that the delisting of the four countries during the FATF Plenary two weeks ago demonstrates growing maturity and regional cooperation in tackling financial crimes. He added that the move is expected to enhance investor confidence, improve correspondent banking relationships, and project a stronger image of Africa’s financial systems globally.
Focus on Emerging Threats
The 2025 FATF/GIABA Joint Experts Meeting, hosted by Ghana, focuses on two key themes: Trade-Based Financial Crime (TBFC) and Terrorist Financing (TF). The meeting 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 to ensure that recent gains are consolidated and sustained.
Key Takeaways
- Sustained Commitment: The success of delisted countries highlights the need for continued efforts in AML/CFT reforms.
- Regional Cooperation: Enhanced collaboration among member states is essential for maintaining global standards.
- Ongoing Evaluations: GIABA’s third round of mutual evaluations underscores the importance of national ownership and inter-agency cooperation.
- Emerging Threats: The focus on TBFC and TF at the JEM reflects the need for proactive strategies to combat evolving financial crimes.