Five African countries, namely, Algeria, Angola, Côte d’Ivoire, Kenya, and Namibia have found themselves on the European Union EU’s money laundering blacklist.
The EU made this announcement in a report issued on June 10, 2025, adding that the development is part of its commitment to strengthening Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) measures.
According to the report, the inclusion of Algeria, Angola, Côte d’Ivoire, Kenya, and Namibia on EU’s money laundering blacklist is because of some identified deficiencies in their national AML and CFT frameworks.
The EU, in the report, asserted that these countries were recently added to the Financial Action Task Force (FATF), a “grey list,” that flags jurisdictions with strategic weaknesses in combating financial crimes.
Pan-Atlantic Kompass reports that the EU money laundering blacklist carries a massive consequences for countries on the list, including Algeria, Angola, Côte d’Ivoire, Kenya, and Namibia.
Countries on this list are expected to face increased scrutiny from EU banks and financial institutions for transactions, which could complicate trade, investment, and banking relationships.
For Kenya, a key economic hub in East Africa, this designation might deter foreign investors wary of increased compliance costs.
Similarly, Angola and Namibia, reliant on resource exports, could face challenges in accessing global financial markets.
It was also gathered that the latest update will take effect within a month, subject to approval by the European Council and Parliament.
Meanwhile, amidst the development, the latest EU’s money laundering blacklist saw the United Arab Emirates, Gibraltar, Senegal, and Uganda removed.
The Union said the countries were removed after demonstrating significant regulatory progress.
