The National Treasury has welcomed the Financial Action Task Force’s (FATF) decision to remove South Africa from the Greylist.

It emphasises that Government has worked tirelessly to address all the deficiencies reflected in the 22 action item plan agreed between the country and FATF.

The global financial crime watchdog placed South Africa on the greylist in 2023, citing the country’s failure to comply with international standards around the prevention of money laundering and terrorist financing.

In a statement, Treasury says exiting the greylist is an important milestone and a demonstration of the country’s commitment to rebuilding the rule of law.

It adds that Government agencies and regulated entities in the private sector cannot afford to become complacent and stop improving.

The FATF requires countries that have exited the greylist to demonstrate continued commitment through measurable outcomes, including successful investigations, prosecutions, and sanctions as they relate to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).

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