South Africa was put on the grey list in February last year after the FATF identified eight areas of strategic deficiency.
South Africa has made more progress in getting off the Financial Action Task Force grey list, with the country obtaining nine upgrades on its action plan of 22 items. However, it will not be able to exit the grey list this year or early next year as planned.
, including eight to “largely addressed” and one to “partly addressed”. South Africa is now deemed to largely or fully address 16 of the 22 action items in its Action Plan, leaving the country with six outstanding action items that must be addressed for the last scheduled reporting cycle concluding in February 2025.
updating and implementing its terrorist financing strategy and increasing relevant authorities’ terrorist financing capabilities on the basis of an understanding of its terrorist financing risks andAccording to the FATF, South Africa should continue to implement its action plan to address its remaining strategic deficiencies, including:
demonstrating a sustained increase in investigations and prosecutions of serious and complex money laundering and the full range of terrorist financing activities in line with its risk profile.National Treasury says in a statement it is pleased with South Africa’s progress. “South Africa is now left with one reporting cycle to address the remaining six action items.
If South Africa is successful in addressing all remaining action items in the next reporting cycle, the February 2025 FATF Plenary will authorise an onsite visit by the FATF Africa Joint Group to confirm its assessment on the progress of all action items around May 2025. It continues to oversee further progress in at least four of the six outstanding action items, including three related to investigations and prosecutions.
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