After FATF visit, SA govt awaits decision on removal from greylist
South Africa was added to the list in February 2023 for failing to have enough measures in place to prevent money laundering and terror financing.
FILE: Deputy Finance Minister David Masondo. Picture: Parliament
CAPE TOWN - Global watchdog, the Financial Action Task Force (FATF), has completed its on-site visit to South Africa, as government now waits to be considered for removal from the notorious greylist.
South Africa was added to the list in February 2023 for failing to have enough measures in place to prevent money laundering and terror financing.
Government said it had now completed the 22 action items imposed by the FATF to tighten its anti-corruption systems.
The FATF's Africa Joint Group conducted its on-site assessment on Tuesday and Wednesday in Pretoria, the last step before South Africa is considered for removal from the greylist.
The National Treasury said the visit included meetings with government officials and representatives of financial and non-banking institutions.
The group also met with Deputy Finance Minister David Masondo and deputy justice minister, Andries Nel, both of whom assured the FATF of the political commitment to continue improving the anti-money laundering and combating of financing of terrorism system.
This week’s visit follows a June announcement that South Africa had worked its way through the action plan to rectify the system, including the passing of legislation last year.
The FATF's Africa Group will now compile a report for consideration by the FATF plenary in October to decide South Africa’s fate.