Despite some progress in addressing its compliance with the FATF, Godongwana says the country will stay greylisted until at least 2025.
Despite some progress in addressing its compliance with the global anti-money laundering watchdog, South Africa has come up short in the investigation and prosecution of money laundering and terror financing cases – meaning the country will be on the watchdog’s grey list until at least 2025.
In February, South Africa was greylisted by the Financial Action Task Force for shortcomings in tackling illicit financial flows, which put pressure on the government’s foreign-funding costs and trade flows. He added the FATF noted at its plenary meeting last week that such work is showing positive results, with South Africa having addressed 15 of the 20 technical deficiencies in our legal framework and making good progress on 17 of the 22 effective action items, including two that are now deemed to be largely addressed.
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