SA on Way Off Greylist

TASK FORCE: MEETS MOST REQUIREMENTS

- Ina Opperman

South Africa is well on its way to getting off the greylist after it made quite a lot of headway to meet all the requirements to be removed.

The Financial Action Task Force (FATF) announced yesterday that South Africa had substantially completed all 22 action items that were contained in the action plan adopted when the country was grey-listed in February 2023.

The FATF is an intergovernmental body established in 1989 by ministers of member jurisdictions to protect financial systems and the broader economy from money laundering and the financing of terrorism and proliferation, thereby strengthening financial sector integrity and contributing to safety and security.

When the FATF places a jurisdiction under increased monitoring, it means the country committed to resolve the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the greylist.