FATF Greylisting: South Africa Completes Action Plan Items

Posted 10 July 2025 Written by Acts Online
Category FICA

Brought to you by SA Accounting Academy: In terms of the Action Plan adopted by the Financial Action Task Force (FATF) in February 2023, National Treasury and the Financial Intelligence Centre (FIC) have confirmed that South Africa has substantially addressed all 22 required action items to improve its Anti-Money Laundering and Combating of the Financing of Terrorism (AML/CFT) regime.

Following the FATF Plenary held in Strasbourg, France, in June 2025, the international body noted that South Africa’s progress warrants a formal on-site assessment. This follows the successful upgrade of the final two action items, which were focused on the sustained increase in investigations and prosecutions of serious and complex money laundering and terror financing activities. These items were addressed through the coordinated efforts of the Directorate for Priority Crime Investigation (DPCI), the State Security Agency (SSA), and the National Prosecuting Authority (NPA).

The upcoming on-site assessment is a mandatory procedural step to verify that the implementation of AML/CFT reforms is being sustained and that the necessary political commitment remains in place to maintain these standards. The visit will take place before the next FATF Plenary session. If the outcome of the assessment is positive, the FATF is expected to formally remove South Africa from the “greylist” (the list of jurisdictions under increased monitoring) at its meeting in October 2025.

The Financial Intelligence Centre and National Treasury have indicated that preparations for the on-site visit have already commenced to ensure that the progress made by law enforcement and regulatory bodies is effectively demonstrated to the FATF assessors.

Click here to download the Media release: FATF greylisting progress update for South Africa June 2025.

What this means for you, your business, or your clients

  • For yourself: No direct individual filing changes; however, professionals must remain current on the heightened enforcement standards adopted by the NPA and DPCI regarding financial crimes and reporting obligations.
  • For your business: Maintain strict adherence to the Financial Intelligence Centre Act, No. 38 of 2001 (FICA) compliance programs, as the FATF on-site visit will scrutinize the practical effectiveness of the private sector’s reporting and risk management protocols.
  • For your clients: Advise clients that while delisting is projected for October 2025, current enhanced due diligence requirements by international counterparties remain in effect until the FATF formally confirms the removal from the list of jurisdictions under increased monitoring.

Originally published at https://accountingacademy.co.za/news/read/fic-nt-sa-greylisting-update

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