Africa’s 2 Largest Economies Punished for Lack of Action Against Terrorist Financiers

New South African banknotes at the value of 10, 20, 50, 100 and 200 rand depicting former South African president Nelson Mandela are displayed at the the South African Reserve Bank (SARB) on July 13, 2018, in Pretoria, South Africa. Phill Magakoe /AFP via Getty Images

JOHANNESBURG—The world anti-money laundering organization Financial Action Task Force (FATF) has “gray-listed” Africa’s two biggest economies, Nigeria and South Africa.

The Paris-based task force stated that the action was taken because both countries hadn’t done enough to prevent illicit financial flows and terrorist financing.