Saudi Arabia Exits FATF Greylist: Investor Confidence Restored
- South Africa has been removed from the greylist of countries that don't meet global standards for combating money laundering and terrorism financing.
- FATF president Elisa de Anda Madrazo announced South Africa's removal from the increased monitoring list, stating the country had sharpened its tools against money laundering and the financing...
- De Anda Madrazo noted the commitment by the South African authorities "at the highest level" in complying with FATF requirements.
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South Africa Exits FATF Greylist: A Major Win for Financial Credibility
Table of Contents
What Happened: Removal from the Greylist
South Africa has been removed from the greylist of countries that don’t meet global standards for combating money laundering and terrorism financing. The announcement was made late Friday afternoon by the Financial Action Task Force (FATF) – the international watchdog that sets global standards and evaluates compliance – at the conclusion of its plenary in Paris.
FATF president Elisa de Anda Madrazo announced South Africa’s removal from the increased monitoring list, stating the country had sharpened its tools against money laundering and the financing of terrorism. Also removed from FATF’s increased monitoring list were burkina Faso, mozambique, and Nigeria.
De Anda Madrazo noted the commitment by the South African authorities “at the highest level” in complying with FATF requirements. She said the country was in a better place now with stronger institutions.
The FATF report indicated that South Africa had made “importent progress in improving its AML/CFT (anti-money laundering/combating the financing of terrorism) regime”.
The Road to Compliance: A Two-and-a-Half-Year Effort
The lifting of the stigma comes after a two-and-a-half-year drive by the government and its institutions to implement a 22-point action plan agreed with the FATF after South africa was greylisted in February 2023. Treasury technical adviser and head of South Africa’s delegation to the FATF, Ismail Momoniat, played a crucial role in this effort.
Why Greylisting Matters: The Impact on South Africa
South Africa’s international reputation as a well