Financial crimes watchdog the Financial Action Task Force (FATF) has categorised eight of the actions South Africa is required to take as “largely addressed” and another as “partially addressed” — improving chances of the country being taken off the greylist by June 2025.
South Africa was placed on the greylist last year after FATF identified deficiencies in the country’s legislative and enforcement safeguards against money laundering and terrorism financing.
The country has been under FATF supervision for more than a year, with regular meetings at the watchdog’s Paris headquarters, the latest one taking place this week.
National Treasury said on Friday it accepted the report of the FATF Africa joint group on the country’s progress. “South Africa is now deemed to largely or fully address 16 of the 22 action items in its action plan, leaving the country with six outstanding action items to be addressed for the last scheduled reporting cycle, concluding in February 2025.”
However, Treasury said there was still work to be done for South Africa to exit the greylist by the conclusion of the next cycle as the country will need to address all six outstanding action items by February 2025. “The February 2025 FATF plenary will authorise an onsite visit by the FATF Africa joint group to confirm their assessment of the progress of all action items. This would happen around May 2025.”
The FATF said South Africa had one reporting cycle to address six action items, three of which relate to increased investigations and prosecutions of complex crimes, and another three relating to timely access to beneficial ownership information for trusts and related remedial actions.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.