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GREYLISTING: TREASURY UNPACKS LATEST FATF PROGRESS REPORT
- 29 November 2023
- Safety and Security
- SA Legal Academy
Significant progress has been made in addressing the ‘technical compliance deficiencies’ for which South Africa was eventually grey listed by the international Financial Action Task Force (FATF). However, much still needs to be done to correct ‘effectiveness deficiencies’ flagged in an action plan agreed with the FATF at the beginning of 2023, with compliance deadlines.
This is according to a National Treasury media statement on the latest FATF report, which notes that, during its 27 October 2023 plenary, 18 of the 20 technical deficiencies in South Africa’s anti-money laundering system were re-rated. Of these, 14 are now ‘fully or largely compliant’ and four partially compliant.
The South African authorities will nevertheless be required to ‘demonstrate’ that the improvements made are ‘sustainable’ before the FATF reconsiders a change in the country’s status.
- National Treasury media statement
- FATF communication
Published by SA Legal Academy Policy Watch