Namibia and Algeria exit FATF’s ‘Grey List’ - will Cote d’Ivoire, Kenya, or DRC be next?

The removal of Algeria and Namibia from the Financial Action Task Force (FATF)’s ‘grey list’ marks a positive step for both countries, will likely boost their global reputations and economies, and highlights the ongoing progress being made across the continent as eight African nations have exited the grey list over the past year.

Last June, Tanzania and Mali were removed from the grey list, while South Africa, Nigeria, Mozambique, and Burkina Faso exited the list in October 2025. 

Nations subject to increased monitoring from the FATF due to their strategic deficiencies in addressing financial crimes, aka being on the ‘grey list’, can face negative economic and reputational outcomes, including less foreign investment and capital inflows, credit rating downgrades, and increased transaction costs.

The world's leading anti-money laundering and counter-terrorist financing watchdog, the FATF announced on Friday that following its June 2026 plenary, Algeria and Namibia were removed from its enhanced monitoring list, aka the "grey list”, having completed their action plans and passing on-site visits. 

For both African nations, this move is expected to strengthen confidence among investors, banks, and trading partners. Their removal from the grey list may make Algeria and Namibia more attractive destinations for foreign direct investment, while International financial institutions may also be more willing to extend loans.

In contrast, Bosnia and Herzegovina and Iraq were added to the grey list, and six other African nations currently remain on the grey list: Angola, Cameroon, Côte d'Ivoire, Democratic Republic of the Congo (DRC), Kenya, and South Sudan.

Namibian Minister of Finance Erica Shafudah welcomed her nation’s removal from the grey list, noting the process wasn’t only about exiting the list, but also strengthening Namibia’s financial systems. Illicit financial flows deprive countries of resources needed for development, infrastructure, job creation, and public services.

The Namibian government aligned its fight against financial crime with its national development priorities, said Shafudah, while addressing media at the Financial Intelligence Centre (FIC). “Namibia made history by passing fourteen laws, a record in time, and that is because we really wanted to address those… deficiencies, “ 

“Through the National Focal Committee… competent authorities were mobilised, governance structures were put in place, and we really had to work together and demonstrate that we are on a journey to address those strategic deficiencies.” 

Bank of Namibia Governor Ebson Uanguta, who ascended to the role to begin 2026, noted Namibia’s experience demonstrated that strong laws alone are not enough if they are not effectively implemented and sustained. 

Commending the FIC, competent authorities, reporting institutions, and technical partners, Uanguta said Namibia’s achievement demonstrates what can be accomplished when institutions work together towards a common national objective. “Exit from the grey list reinforces Namibia’s standing as a credible, transparent, and responsible participant in the global financial system… It does not mean that financial crime risk has disappeared,” he added. “The responsibility now is to sustain and deepen the progress that we are celebrating today.”

Algeria and Namibia were removed after successful on-site visits confirmed they had completed their action plans. They will each continue working with FATF-style regional bodies - being the Middle East and North Africa Financial Action Task Force (MENAFATF) for Algeria and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) for Namibia - to sustain and consolidate the improvements made in their anti-money laundering and counter-terrorist financing systems.