Following the February 2023 greylisting by the Financial Action Task Force (FATF), South Africa has been diligently working on an Action Plan to address 22 strategic deficiencies in its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime.
The latest FATF Plenary meetings in February 2024 confirmed significant progress, with five action items now addressed and 14 partly addressed out of the 22. However, three items remain unaddressed.
National Treasury acknowledges the progress but emphasizes the challenge of meeting all remaining action items by the February 2025 deadline.
Additionally, South Africa has made notable strides in addressing technical compliance deficiencies, with 35 out of 40 FATF recommendations now fully or largely compliant.
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