SA exits FATF greylist

By Thebe Mabanga

South Africa has formally been taken off the Financial Action Task Force greylist, known as the list of “jurisdictions under increased under increased monitoring,” after almost three years on the list following and FATF Plenary meeting in Paris, France.

Nigeria, Mozambique and Burkina Faso were also removed off the grey list while FATF President Elisa de Anda Madrazo called the removal of the four countries “a positive story for the continent of Africa”.

“Following the listing of South Africa on the FATF greylist in February 2023, Government has worked tirelessly to address all the deficiencies that were identified by the FATF and which were reflected in the 22 Action Items in the Action Plan agreed between South Africa and the FATF.”

The process entailed passing two key pieces of legislation in record time in the latter part of 2023.

Treasury says that over the past 32 months,