After two years of pressure, South Africa awaits FATF's verdict on greylist status
South Africa has completed the final step in its effort to be removed from the FATF greylist
Image: File
South Africa has completed the final step in its effort to be removed from the FATF greylist, after hosting an international assessment team in Pretoria this week.
The FATF Africa Joint Group visited the country earlier this week to check if key reforms to stop money laundering and terrorist financing have been properly put in place.
The visit came after the watchdog confirmed earlier this year that South Africa "had substantially completed all 22 action items that were contained in the Action Plan that was adopted when South Africa was greylisted in February 2023".
IOL previously reported that the country was placed on the greylist due to its failure to adhere to the FATF’s requirements in dealing with anti-money laundering (AML) and combating financing of terrorism (CFT).
This visit is the final requirement before the FATF decides at its October plenary whether the country can be removed from the greylist. Since being greylisted in 2023.
“At the conclusion of the meetings, the FATF Africa Joint Group held a meeting with Deputy Minister of Finance, Dr David Masondo and Deputy Minister of Justice and Constitutional Development, Andries Nel," National Treasury said on Thursday.
"Who both assured the FATF of the South African government’s political commitment to continue to sustainably improve the country’s Anti-Money Laundering and the Combating of the Financing of Terrorism (AML/CFT) system,”
According to the National Treasury, Deputy Ministers Masondo and Nel "thanked the FATF Africa Joint Group for its collegial working relationship with the South African government delegation since the country’s greylisting in February 2023".
"And further assured the FATF Africa Joint Group that the South African government will continue actively partnering with the FATF Global network in preserving and advancing the integrity of the South African and global financial systems,” the National Treasury said.
mthobisi.nozulela@iol.co.za