The Financial Action Task Force has said Nigeria and other countries on its grey list may not be removed from the list until they have complied with the task force’s requirements. The FATF identified jurisdictions with weak measures to combat money laundering and terrorism financing in two FATF public documents issued three times a year. “Some, for example, require fund managers to apply greater diligence before investing in grey-listed countries. It read, “Each jurisdiction on the grey list has committed to an action plan to address the deficiencies in its mutual evaluation. It is up to the country to swiftly address each of the action plan items.
Source: Punch March 18, 2023 04:48 UTC