The Compliance Officers Forum for GIABA Member States (COFGMS) welcomes the recent announcement by the Financial Action Task Force (FATF) that the following jurisdictions have successfully exited the list of “Jurisdictions under Increased Monitoring” (the grey list):
- Nigeria
- Burkina Faso
This decision followed the FATF plenary meeting in October 22nd-24th, 2025 and reflects the meaningful progress these countries have made in strengthening their anti-money laundering, counter-financing of terrorism and counter-proliferation financing (AML/CFT/CPF) frameworks.
Significance for the Region
This milestone is particularly significant for Africa and for our region of GIABA member states. By exiting the grey list, these countries demonstrate that with sustained reform and commitment, jurisdictions can enhance the effectiveness of their compliance regimes.
For COFGMS and its members, the decision underlines the importance of continued alignment with international AML/CFT/CPF standards, cross-border cooperation, and robust governance in the compliance sector.
COFGMS Reaction
On behalf of its network of compliance professionals across West Africa, COFGMS congratulates the governments, regulatory agencies, and private-sector stakeholders of the exiting countries. Their achievement serves as a positive example and should inspire similar efforts among remaining jurisdictions.
COFGMS reaffirms its support for capacity building, peer learning, and professional development to help all GIABA member states progress toward the same level of international compliance recognition.
Looking Ahead
While this development is welcome, COFGMS emphasises that exiting the grey list is not the end of the journey, it is a marker of progress. Continuous vigilance, institutional strengthening and implementation of sustainable systems remain essential for the compliance community, lessons from these successes can inform risk assessments, governance practices and strategic planning for institutions operating in or with Africa.
About COFGMS
The Compliance Officers Forum for GIABA Member States (COFGMS) is a regional professional body dedicated to promoting AML/CFT/CPF excellence among compliance officers and institutions in West Africa. Through webinars, training, publications and peer-networking, COFGMS supports the development of robust compliance environments across its member states.
Contact:
Sarah Uzoho
Administrative Assistant to the Executive Secretary
COFGMS
Email: contact@cofgms.com
Website: www.cofgms.com