South Africa has officially been greylisted by global anti-money laundering watchdog, the Financial Action Task Force (“FATF”).

It was confirmed in an update on the FATFs website today, Friday, 24 February 2023.

To view the update, click here: https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/Increased-monitoring-february-2023.html

South Africa has been greylisted together with fellow African nation, Nigeria, both featuring under the “high-risk and other monitored jurisdictions” section.

Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.

When the FATF places a jurisdiction under increased monitoring, it means the country has committed to swiftly resolving the identified strategic deficiencies within agreed timeframes.