South Africa's greylist delisting: A milestone for lasting reform

AFTER much concerted effort and collaboration, South Africa's exit from the FATF greylist is a milestone worth celebrating.

- BRADLEY ELLIOTT

It represents the tangible results of systemic reform across the financial sector, including regulation and prosecution, demonstrating that decisive action, innovation, and accountability can deliver measurable progress.

This achievement is more than a regulatory checkbox; it signals that South Africa is building a stronger, more resilient financial ecosystem, capable of supporting investment, fostering competition, and encouraging fintech innovation.

While there is still work to be done to ensure these gains are sustainable, the delisting demonstrates that a coordinated effort and strategic focus can transform compliance challenges into opportunities for growth and global credibility.

The next test lies in turning compliance gains into a permanent culture of accountability and resilience.

Without the culture of accountability, institutions risk slipping back into old habits once the spotlight fades.

Over the past two years, South Africa’s financial ecosystem - from banks and regulators to the Financial Intelligence Centre (FIC) - has undergone one of the most intensive AML reform journeys in its democratic history.

Key milestones include:

• The General Laws Amendment Act recognises beneficial ownership and tightens accountability.

• A 22-item FATF Action Plan, addressing deficiencies in enforcement, data utilisation, and inter-agency cooperation.