Latest news with #FATFAfricaJointGroup
IOL News
21-07-2025
- Business
- IOL News
Greylist exit in sight: SA braces for make-or-break Financial Action Task Force inspection
South Africa is set to take the final step toward exiting the Financial Action Task Force greylist 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
IOL News
21-07-2025
- Business
- IOL News
Greylist exit in sight: SA braces for make-or-break Financial Action Task Force inspection
South Africa is set to take the final step toward exiting the Financial Action Task Force greylist 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. 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 ✕ [WATCH] "I hope South Africans will behave; visitors will be here." Minister in the Presidency Khumbudzo Ntshavheni says the team monitoring SA's greylisting will be in the country at the end of July. #Newzroom405 — Newzroom Afrika (@Newzroom405) July 16, 2025 '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 Get your news on the go, click here to join the IOL News WhatsApp channel
