SA has completed all 22 action items that were required by the Financial Action Task Force (FATF) that greylisted the country in February 2023, opening the way for a possible lifting of the listing in October this year.

A Business Day report says government and its agencies have been working over the past two years to address the weaknesses highlighted by FATF including legislation to close loopholes, such as the lack of beneficial ownership regulations.

The completion of the 22 actions in the action plan paves the way for the final step before the FATF can delist SA, which is an on-site visit by the FATF Africa Joint Group before the next FATF plenary.

If the outcome is positive SA's greylisting will be lifted in October 2025. 

During the on-site visit, the group will confirm the SA’s ongoing commitment to the implementation of the country’s fight against money laundering, terror financing and other financial crimes.

FATF said SA’s progress warranted this on-site assessment to verify that critical anti-money laundering and the combating of the financing of terrorism reforms have been implemented and that the necessary political commitment remains in place to sustain progress.

In a statement on Friday night, the National Treasury said it was the efforts and commitment of the law enforcement entities – especially the Hawks, SAPS, the State Security Agency and the NPA – responsible ‘for the sustained increase in investigations and prosecutions of serious and complex money laundering and terror financing activities’.

‘This made it possible for SA to secure the upgrades of the last two remaining action items, often considered to be the most difficult, in the current reporting cycle. This was recognised by the FATF,’ the statement said. 

Full Business Day report