Slu Molamodi
- South Africa has officially been removed from the FATF grey list after a three-day review with financial authorities.
- The country was previously listed in 2023 due to weaknesses in combating money laundering and terrorism financing.
- Experts say the move strengthens investor confidence and marks a key economic milestone for the country.
South Africa has officially been removed from the Financial Action Task Force (FATF) grey list following a three-day meeting between financial sector representatives, the National Treasury, and FATF officials.
The much-anticipated announcement comes after the country was placed on the list in 2023 for weaknesses in combating money laundering and terrorism financing.
The international watchdog had previously indicated that South Africa needed to strengthen its financial oversight and enforcement measures.
The economic sector has responded with optimism, viewing the move as a major step toward restoring investor confidence. Steven Powell, Head of Forensics at ENS Africa, said South Africa is now substantially compliant.
“A lot of work has been done, and when I look at the last comments by FATF in June this year, they were comfortable that South Africa had made significant progress,” he said.
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