South Africa Exits FATF 'Grey List': A Diplomatic and Economic Milestone

South Africa has successfully been delisted from the Financial Action Task Force's (FATF) 'grey list', marking a pivotal moment nearly three years after its initial addition. The international body overseeing money laundering and terrorist financing announced the decision following a plenary meeting in Paris.

The 'grey list' designates countries under enhanced surveillance in need of addressing strategic gaps in combating money laundering, terrorist financing, and proliferation financing. According to South Africa’s National Treasury, extensive cooperation over 32 months with FATF reviewers paved the way for the country's removal from the list.

While celebrating the achievement, South Africa's government emphasized the importance of ongoing improvements to the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework, cautioning against complacency to ensure the country remains off the 'grey list'.