CSSF reflects FATF progress report: Four jurisdictions removed from enhanced monitoring

Investment Management 05 November 2025

On October 27, 2025, Luxembourg’s financial sector regulator, the Commission de Surveillance du Secteur Financier (CSSF), updated the annex of Circular 22/822 removing Burkina Faso, Mozambique, Nigeria, and South Africa from the list of jurisdictions under increased monitoring.

The Financial Action Task Force (FATF) has recognised the significant progress made by Burkina Faso, Mozambique, Nigeria, and South Africa in strengthening their respective anti-money laundering and counter-financing of terrorism (AML/CFT) regimes.

Burkina Faso has enhanced its framework since 2021 by improving the monitoring of its national strategy, strengthening international cooperation and risk-based supervision, maintaining accurate beneficial ownership information, and reinforcing law-enforcement and prosecutorial capacities. The country has also improved the functioning of its Financial Intelligence Unit (FIU), increased suspicious-transaction reporting and implemented targeted financial sanctions regimes.

Mozambique has made substantial progress since 2022 by ensuring better coordination among authorities, training law-enforcement agencies, strengthening supervisory resources, collecting beneficial ownership data, and improving the capacity of its FIU. The country has also finalised a terrorist financing risk assessment, adopted a national counter-terrorism financing strategy and enhanced outreach to non-profit organisations.

Nigeria has advanced its AML/CFT system by completing a national risk assessment, enhancing international cooperation, improving risk-based supervision and ensuring access to up-to-date beneficial ownership information. The authorities have increased the use of financial intelligence, expanded investigations and prosecutions of money laundering and terrorist financing cases, and strengthened oversight of non-profit organisations.

South Africa has similarly demonstrated progress by improving supervision of designated non-financial businesses and professions, expanding investigations and prosecutions of serious money laundering and terrorist financing offences, and strengthening the implementation of targeted financial sanctions regimes. The country has also enhanced the collection and use of beneficial-ownership data and increased cooperation through mutual legal assistance requests.

As of today, the following countries are identified as high-risk countries on which enhanced due diligence and, where appropriate, counter-measures are imposed: