LATEST UPDATE

SA Makes Progress on FATF Greylisting_chacchd

The Financial Action Task Force (FATF) announced that South Africa has substantially completed all 22 action items that were contained in the Action Plan adopted when South Africa was greylisted in February 2023. The decision, taken at the FATF Plenary in Strasbourg, France, notes that South Africa’s progress warrants an on-site assessment to verify that critical Anti-Money Laundering and the Combating of the Financing of Terrorism (AML/CFT) reforms have been implemented, and that the necessary political commitment remains in place to sustain progress.

The improvements to South Africa’s AML/CFT regime are particularly important for South Africa, given the legacy of state capture. Exiting the FATF greylist is a step towards the improvement and strengthening of South Africa’s supervisory and criminal justice systems.

The completion of the Action Plan paves the way for an on-site visit to South Africa by the FATF Africa Joint Group (JG).

If the outcome of the on-site visit is positive, the FATF will delist South Africa from the greylist at its next Plenary.

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