Statement on the removal of South Africa from the FATF Grey List

Publication Date: 24/10/2025

Business and investor confidence in South Africa should receive a much-needed boost from the removal of South Africa from the Financial Action Task Force (FATF) ‘grey list’ of countries that have strategic deficiencies in their ability to counter money laundering, as well as terrorist and proliferation financing.

The integrity and effective regulation of the South African financial services sector is an advantage for the country as it competes to attract international investment. The FATF decision is an important data point for those who are looking for concrete evidence that South Africa can remove obstacles hampering business and investment through action, not only policy announcements.

While FATF seeks to stop the global financial system from being abused for criminal purposes, the strengthening of South Africa’s legislative and enforcement capacity to fight money laundering and financial crime is of benefit to the country and its people. Financial crimes – like theft and corruption – deprive companies of funds that can be used to expand capacity and create jobs, and government of resources to support the most vulnerable in society.

The FATF announcement that South Africa has improved its capacity to fight financial crime is an achievement, at a time when confidence in the country’s law enforcement is being challenged by evidence being presented at parliamentary hearings and the Madlanga Commission of Enquiry into allegations of criminality, political interference, and corruption in the criminal justice system. The effectiveness and integrity of the country’s law enforcement agencies must be quickly and decisively restored, to deal with concerns that South Africa is in danger of becoming a criminal state.

The Banking Association South Africa (BASA) congratulates National Treasury, and all stakeholders, for their collaboration in implementing and completing the remedial action plan, which led to South Africa successfully exiting the grey list.

While South Africa has been removed from the grey list, its capacity to fight financial crime will continue to be monitored and evaluated by the FATF. South Africa’s next FATF review begins in 2026. There can be no let-up in the work to further restore and strengthen the country’s law enforcement capacity.