International financial crime watchdog the Financial Action Task Force (FATF) is adding South Africa and Nigeria to its so-called 'grey list' of countries under special scrutiny to implement standards to prevent money laundering and terrorism financing.
Cars drive past Nigerian national flags in Abuja, Nigeria June 12, 2021. REUTERS/Afolabi Sotunde
Being added to the list is a reputational setback for the Africa's most advanced economy, which has been trying to address shortcomings identified by the FATF.
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