The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has cautioned Nigeria and other recently delisted countries from the Financial Action Task Force (FATF) grey list against complacency, urging them to sustain reforms and strengthen their anti-money laundering and counter-terrorist financing frameworks.
GIABA's Director General, Mr. Edwin W. Harris Jr, gave the warning on Tuesday in Accra, Ghana, while delivering his welcome address at the 2025 FATF/GIABA Joint Experts Meeting (JEM).
Harris commended Nigeria, Burkina Faso, South Africa, and Mozambique for the progress that led to their removal from the FATF list of jurisdictions under increased monitoring, describing the development as a major 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.
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"However, 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."
He noted that while the delisting of Nigeria and Burkina Faso -- both GIABA member states -- reinforces confidence in the region's capacity to protect its financial systems, it must also serve as a reminder of the continuous effort required to maintain global standards.
According to the GIABA chief, the delisting should not be seen 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."
Harris further disclosed that GIABA has commenced 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 ECOWAS member states to provide full support to the exercise, emphasizing that it is a nationally owned process that requires 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.
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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.
