FATF Concludes On-Site Visit for South Africa Greylisting Review

Posted 06 August 2025 Written by Acts Online
Category FICA

Brought to you by SA Accounting Academy: The National Treasury and the Financial Intelligence Centre (FIC) have announced the conclusion of the Financial Action Task Force (FATF) Africa Joint Group’s on-site assessment visit, conducted on 29—30 July 2025.

In terms of the monitoring process following South Africa’s greylisting in February 2023, this on-site visit follows the June 2025 FATF Plenary announcement that South Africa had substantially completed all 22 action items contained in its original Action Plan. The visit was mandated to verify that critical Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) reforms have been implemented and that the political commitment remains to sustain these improvements under the Financial Intelligence Centre Act, No. 38 of 2001 and related legislation.

During the assessment, the FATF Joint Group held consultations with South African government officials, as well as representatives from financial institutions and Designated Non-Bank Financial Institutions (DNFBPs). The Deputy Minister of Finance and the Deputy Minister of Justice and Constitutional Development reaffirmed the state’s commitment to the sustainable enhancement of the AML/CFT framework.

Next Steps and Timeline

The FATF Africa Joint Group will now prepare a report for the October 2025 FATF Plenary. This report will serve as the basis for the final recommendation regarding South Africa’s removal from the FATF greylist. Key dates and procedural steps include:

  • 29—30 July 2025: Completion of the on-site verification visit.
  • October 2025: FATF Plenary to consider the Joint Group’s report and recommendations.
  • 24 October 2025: Scheduled conclusion of the FATF Plenary Meeting and issuance of the post-plenary outcomes statement.

National Treasury has indicated that no further media statements or interviews will be granted until the plenary outcomes are officially released on 24 October 2025.

Click here to view the official National Treasury Media Release.

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

  • For yourself: No direct individual filing obligations; however, professional risk assessments should continue to reflect South Africa’s current greylisted status until the formal 24 October 2025 announcement.
  • For your business: Firms must maintain rigorous adherence to the 22 action items identified in the 2023 Action Plan, as the FATF assessment focuses on the sustainability of these reforms beyond mere technical compliance.
  • For your clients: Clients operating as financial institutions or DNFBPs must ensure their AML/CFT internal controls and reporting lines to the FIC remain robust to avoid individual compliance failures during this high-scrutiny period.

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

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