SA’s removal from the Financial Act Task Force (FATF) grey list is in jeopardy due to non-compliance with reporting requirements.
The FIC has already started issuing warnings and notices to delinquent companies.SA’s removal from the Financial Act Task Force grey list is in jeopardy due to non-compliance with reporting requirements, primarily by legal practitioners’ offices and estate agents – both of which have been identified as high-risk categories for money laundering and terrorism financing.
Casinos are also required to submit risk and compliance reports, though there are just 38 of these in the country, and they are relatively well supervised, said Malan.The rate of compliance expected by the FATF is 100% or “close to 100%”, added Malan. The May 2024 deadline is one of several such deadlines imposed by the FATF leading up to January 2025. By this time, SA is expected to demonstrate a sustained increase in investigations and prosecutions of serious and complex money laundering, particularly involving professional money laundering operators.