MAPUTO, Oct. 25 (Xinhua) -- Mozambique has been removed from the grey list of the Financial Action Task Force (FATF) on Friday, marking progress in the country's efforts to combat money laundering and terrorist financing.

Finance Minister Carla Loveira said the decision improves the country's image in domestic and international financial circles. She noted that the key challenge ahead is ensuring sustainability through continued implementation of the national anti-money laundering and counter-terrorism financing action plan.

Loveira said that related measures should become part of long-term governance practices, rather than actions taken only to exit the grey list.

The Confederation of Economic Associations of Mozambique said the removal is a milestone that will enhance the country's international reputation, improve the business environment and facilitate international banking transactions. The organization expects the change to ease corporate access to foreign financing and potentially reduce interest rates.

The FATF plenary meeting was held from Oct. 22 to 24 in Paris, where Burkina Faso, Mozambique, Nigeria and South Africa were removed from the grey list.

Established in 1989 and based in Paris, the FATF is an intergovernmental body that sets global standards to combat money laundering and terrorist financing. Mozambique was placed on the grey list in 2022. ■