Latest news with #FinancialActionTaskForce
IOL News
14 hours ago
- 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
14 hours ago
- 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
Business Insider
3 days ago
- Business
- Business Insider
Africa's richest economy moves closer to exiting dirty-money list
South Africa is on track to exit the Financial Action Task Force's (FATF) so-called grey list by October. South Africa is progressing towards exiting the FATF's grey list by October. FATF assessors will visit South Africa to confirm the sustainability of implemented reforms. Grey listing affects the economy and international confidence, limiting investment and aid. South Africa is on track to exit the Financial Action Task Force's (FATF) so-called grey list by October, with a team of assessors set to visit the country this month. The FATF has already concluded that South African authorities have fulfilled 'all or almost all' of the required actions, according to FATF President Elisa de Anda Madrazo. The upcoming visit will focus on confirming that reforms to combat money laundering and terrorist financing have not only been implemented, but are sustainable, Bloomberg reported. Economic toll While being placed on the grey list does not trigger immediate penalties, it can seriously harm a country's economy and reputation. It often undermines confidence in the financial sector and limits access to international aid and investment. A 2021 report by the International Monetary Fund (IMF) found that grey listing can reduce capital inflows by as much as 7.6% of a country's GDP. Removal from the grey list would mark a huge milestone for Africa's most industrialised economy, potentially restoring investor confidence and improving capital flows. South Africa was added to the list in February 2023 due to shortcomings in its financial oversight. 'They will assess, report back to the plenary, and a decision will be made,' De Anda said. Speaking on the sidelines of the G20 finance ministers and central bank governors' meeting in South Africa, she added: 'What I can say is we do see political commitment from South Africa.'
Bloomberg
4 days ago
- Business
- Bloomberg
South Africa Moves Closer to Exiting Dirty-Money List in October
South Africa is edging closer to leaving a global financial watchdog's so-called gray list in October, with a team of assessors scheduled to visit the nation this month. The Financial Action Task Force has already determined that South African authorities had met 'all or almost all of the actions' required to leave the list and the visiting team will evaluate that 'implementation is there, but also that it's sustainable,' FATF President Elisa de Anda Madrazo said Thursday.
Deccan Herald
14-07-2025
- Business
- Deccan Herald
A refined FCRA can enable India's knowledge economy
The May 2025 amendments to the FCRA Rules further deepen this regulatory vision, aligning India's compliance mechanisms with international standards such as those of the Financial Action Task Force (FATF).
