Greylist exit in sight: SA braces for make-or-break Financial Action Task Force inspection
Image: File photo
South Africa is set to take the final step toward exiting the Financial Action Task Force greylist, with an international assessment team scheduled to arrive in the country next week for an on-site evaluation.
The FATF Africa Joint Group will visit South Africa on July 29 and 30, 2025, to verify progress made in strengthening the country's anti-money laundering and counter-terrorism financing systems.
IOL previously reported that the country was placed on the greylist due to its failure to adhere to the FATF's requirements in dealing with anti-money laundering (AML) and combating financing of terrorism (CFT).
This visit is the final requirement before the FATF decides at its October plenary whether the country can be removed from the greylist. Since being greylisted in 2023, the country has worked hard to complete 22 action items required by the FATF
These include improving investigations and prosecutions of serious money laundering and terrorist financing cases, enhancing transparency around company ownership and enforcing stronger penalties for violations.
Earlier this year, the watchdog also confirmed South Africa had substantially completed the Action Plan, allowing the on-site visit to proceed.
'At its June 2025 Plenary, the FATF made the initial determination that South Africa has substantially completed its action plan and warrants an on-site assessment to verify that the implementation of AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future,' FATF said.
During a media briefing last week, Minister in the Presidency Khumbudzo Ntshavheni spoke about the upcoming FATF inspection, saying it was important for the country to be removed from the list and expressed hope that South Africans would behave.
"The FATF inspection date, they are coming on the 29th and 30th of July 2025, so I hope South Africans will behave, the visitors will be here, we need to get out of the greylisting, it's important for all of us that we," Ntshavheni said.
IOL Business
[email protected] Get your news on the go, click here to join the IOL News WhatsApp channel
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

IOL News
2 hours ago
- IOL News
South African Lens: Pakistan's Divorce Laws Leave Women in Financial Limbo
As it stands, Pakistan follows a model where property remains separate unless jointly titled—regardless of a woman's unpaid contributions to the household or her support for her husband's career. This issue has been spotlighted in Pakistan's courts. Image: Supplied In many societies, divorce is not just a personal rupture but a financial reckoning — especially for women. This is starkly true in Pakistan, where the legal system fails to recognise a woman's right to marital property, often leaving divorced wives with little more than the clothes on their backs. For South Africans watching global gender justice trends, Pakistan's legal landscape raises urgent questions about how tradition, law and social norms can entrench inequality in the private sphere. Despite Islam's emphasis on justice and the protection of the vulnerable, Pakistani women who exit a marriage often do so without any claim to assets acquired during the relationship. This is because Pakistan does not currently have legislation that guarantees women a share in property accumulated while married. As it stands, the country follows a model where property remains separate unless jointly titled, regardless of a woman's unpaid contributions to the household or her support for her husband's career. This issue has been spotlighted in Pakistan's courts. The Lahore High Court recently instructed the federal government to consult on a proposed amendment to the Muslim Family Laws Ordinance of 1961. The amendment, initially brought forward by Senator Barrister Syed Ali Zafar, introduces terms such as 'matrimonial asset' and seeks to give women fairer recognition of their contributions. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The court's intervention may become a turning point, as public discourse grows around the injustice of women leaving long marriages with nothing, despite having raised children, run households and sacrificed careers. To understand the impact, it helps to look beyond Pakistan's borders. Countries such as Turkey, Malaysia and Morocco — Muslim-majority states like Pakistan—have adopted laws that balance Islamic principles with modern family realities. In Turkey, marital assets are presumed to be jointly owned unless otherwise agreed. Malaysia takes both financial and non-financial contributions into account when dividing property. Morocco's Family Code permits couples to decide beforehand how to share property, with the law recognising joint management during the marriage. These countries demonstrate that religious values and women's rights need not be in conflict. Legal frameworks can uphold the dignity and equality of both spouses, particularly when marriages dissolve. Currently, Pakistan's system mirrors what legal scholars call a pure separate property regime. Under this model, property belongs only to the person who earned or acquired it. There is no assumption that marriage creates an economic partnership, and courts generally require strict proof of ownership. This often disadvantages women who have worked in the home or made indirect contributions, as they lack titles or formal income records. South Africa, by contrast, provides multiple options when couples marry, including community of property, which assumes equal ownership of assets acquired during the marriage. This legal approach acknowledges that both spouses contribute to the financial foundation of the household, even if in different ways. South African courts, when dividing property, also take into account each partner's needs, contributions and the duration of the marriage. It is a system far more aligned with the complex social reality of marriage than Pakistan's outdated laws. The cost of inaction in Pakistan is high. Women who divorce often lose access to shelter and income. Even where they have invested years in managing the home or caring for children, the law offers no recourse. Many end up dependent on their families or feel pressured into remarriage for economic survival. This perpetuates gendered cycles of poverty and limits women's agency. Pakistan has ratified the United Nations Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW), which requires states to ensure equality in marriage and family relations, including property rights. CEDAW's guidance calls for equal access to marital assets. Other Muslim-majority countries have made strides toward compliance. Tunisia and Iran, for instance, have introduced property-sharing rules that acknowledge both partners' roles in a marriage. Pakistan, however, remains out of step. Legal reform is not only a technical matter. It is about recognising that women are equal partners in family life, deserving of financial security when that partnership ends. Amending the Muslim Family Laws Ordinance to define and protect matrimonial property would help courts provide more consistent, fair outcomes. It would also signal that Pakistan is serious about its commitments to gender equality, both to its citizens and the global community. For South Africans, watching this debate unfold is a chance to reflect on how far we have come and how far others still need to go. In a world where women's rights are constantly under pressure, the battle for fairness within the family is as important as any public policy reform. Pakistan stands at a fork in the road. One path leads to continued injustice and economic hardship for women. The other leads to fairness, dignity and the recognition of women's work — paid or unpaid—as valuable and deserving of protection. The choice, now, is in the hands of lawmakers.

The Star
3 hours ago
- The Star
COSATU urges unity as racial rhetoric threatens South Africa's AGOA trade benefits
Thabo Makwakwa | Published 2 days ago The Congress of South African Trade Unions (COSATU) has issued a strong call for organisations across the country to tone down on divisive and destructive rhetoric that fuels racial tensions. The organisation stressed the importance of unity as South Africa seeks to renew the African Growth and Opportunities Act (AGOA) with the United States. In a statement released on Friday, COSATU's parliamentary coordinator, Mathews Parks, highlighted the potential consequences of inflammatory discourse, warning that "the malicious decampaigning of South Africa in the US will come at a real cost to all South Africans, particularly Afrikaans farmers and workers." COSATU's call comes amid the US' annual review of AGOA member eligibility, a critical process determining whether South Africa and other nations will retain preferential trade benefits. Parks expressed the federation's support for renewing AGOA before its expiry at the end of September, highlighting its significance for South Africa's economy. 'AGOA has been an important stimulant for key jobs and revenue-rich sectors such as mining, agriculture, motor manufacturing, and more,' Parks said. 'It has facilitated trade and investment between the US and South Africa, with over 600 American companies invested here and 500,000 South African jobs linked to US trade. It's a framework that benefits both nations and the continent.' He further noted that South African vehicle exports, including components like steering racks from Tunisia and rubber from Côte d'Ivoire, demonstrate the interconnectedness of regional trade, which AGOA has helped to facilitate. Parks stated the importance of a mutually beneficial trade agreement, highlighting opportunities for expanding product inclusion, supporting emerging sectors, and strengthening cooperation on the African Continental Free Trade Area (AfCFTA). COSATU expressed the positive reception of its proposals in Washington and lauded the solidarity shared with American labor movements, especially the AFL-CIO. The federation pledged to continue working closely with the South African government, business sectors, and US counterparts to deepen bilateral relations—while respecting sovereignty and promoting sustainable economic growth. 'Progress under President Cyril Ramaphosa's leadership to reset bilateral relations is encouraging,' Parks stated. 'However, it is vital that all parties support these efforts and refrain from inflammatory language that undermines social cohesion.' The federation strongly urged organisations such as AfriForum, NEASA, Sakeliga, and the Freedom Front Plus to prioritise national unity over partisan point-scoring. 'Whilst social media clicks may entertain friends over a braai, the malicious decampaigning of South Africa in the US will come at a real cost to all South Africans, in particular Afrikaans farmers and workers.' Parks stated that legitimate grievances should be addressed through constitutional and legal channels like Parliament, the judiciary, or law enforcement, rather than through rhetoric that incites racial divisions. 'Now is the time to shed narrow racial interests and place the nation's needs first,' he asserted. 'Partisanship has its place during elections, but the current climate demands maturity and responsibility from all stakeholders. Meanwhile, In a letter dated February 11, 2025 Republican congressmen Andrew Ogles, Tom Tiffany, Joe Wilson and Don Bacon asked President Donald Trump to revoke South Africa's access to the US market through AGOA and diplomatic relations alleging that South Africa had a vendetta against Israel, allegedly committing human rights violations and was friendly with China's Community Party. [email protected] IOL Politics

IOL News
7 hours ago
- IOL News
Count Me in Movement calls for reform of spaza shop regulations to support local businesses
The Count Me In Movement has decried the systemic exclusion of South African citizens and township business owners from accessing crucial government support as the nation grapples with a burgeoning informal retail sector. . Image: Independent Newspapers Archives The Count Me in Movement has taken a firm stand against the "systematic exclusion" of South Africans within the current Spaza Shop regulatory framework, calling in the process for a significant overhaul of South Africa's spaza shop regulatory system. The movement said the current system excludes township business owners from accessing crucial government support while the nation continues to grapple with a burgeoning informal retail sector. This comes after the recent government announcement of the R500 million Spaza Shop Support Fund (SSSF), which seeks to empower eligible South African spaza shop owners in both townships and rural areas, offering them a lifeline to improve, expand, and sustain their businesses. However, the Count Me in Movement argues that many local entrepreneurs remain locked out of this initiative, primarily due to excessive compliance burdens, fragmented registration processes, and pervasive barriers within the licensing system. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ In a statement released on Friday, the movement appealed directly to Small Business Minister Stella Ndabeni-Abrahams, urging her to address these pressing challenges. They disclosed that while spaza shops play a pivotal role in township economies, a lack of streamlined and accessible compliance requirements often deters local operators from benefiting from government initiatives. "Despite playing a critical role in township economies, many of these businesses remain locked out of the Spaza Shop Support fund due to excessive compliance. burdens, fragmented registration requirements, and systematic barriers in the licensing process," it said. The movement said unregistered spaza shop owners, most of whom are undocumented foreigners have made the process very difficult for local spaza shop operators. "Adding to the challenge is the rapid proliferation of unregistered spaza shops, operated by undocumented foreign nationals, who are not subjected to the same inspections or regulatory scrutiny--creating an uneven and unfair playing field for local entrepreneurs. "Our local entrepreneurs are being set up to fail by a system that expects full compliance with scattered, expensive and inaccessible requirements. The current model disproportionately impacts South African spaza shop owners who lack the digital access, financial resources, or administrative support required to navigate complex state systems," the movement added.