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While South Africa is making steady progress in its efforts to be removed from the Financial Action Task Force (FATF) grey list, it will require “a significant effort” from all relevant authorities in the country to meet the deadline at the end of January next year to address remaining shortcomings identified by FATF, according to National Treasury.
South Africa’s greylisting woes started in 2019, when the global financial crime watchdog red-flagged the country for high levels of corruption. This meant that South Africa had to address its partial compliance or non-compliance with 20 of the FATF’s 40 recommendations by February last year.
