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FIC & NT: SA Greylisting update
- 10 July 2025
- Money Laundering
- South African Accounting Academy
Summary:
National Treasury has issued a media release on the Financial Action Task Force (FATF) greylisting progress update for South Africa June 2025, speculating about our possible delisting from the greylist in October 2025.
Article:
The Financial Intelligence Centre (FIC) also published this media release on their website.
The Financial Action Task Force (FATF) has announced that South Africa has substantially completed all 22 action items that were contained in the Action Plan adopted when South Africa was greylisted in February 2023.
National Treasury commends the efforts and commitment of the law enforcement entities, especially the Directorate for Priority Crime Investigation (DPCI) of the South African Police Service, the State Security Agency, and the National Prosecuting Authority (NPA), for the sustained increase in investigations and prosecutions of serious and complex money laundering and terror financing activities. This made it possible for South Africa to secure the upgrades of the last two remaining action items, often considered to be the most difficult, in the current reporting cycle. Refer to our previous alert on SA’s progress dated 5 November 2024
The decision, taken at the FATF Plenary in Strasbourg, France, notes that South Africa’s progress warrants an on-site assessment to verify that critical [Anti-Money Laundering and the Combating of the Financing of Terrorism] AML/CFT reforms have been implemented, and that the necessary political commitment remains in place to sustain progress.
The on-site visit will take place before the next FATF Plenary, and, if the outcome of the visit is positive, the FATF will delist South Africa from the greylist at its next Plenary in October 2025.
Preparations for the on-site visit have commenced.
Click here to download the 4-page Media statement:
Relevance to Auditors, Independent Reviewers & Accountants:
- FICA is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators, such as the FATF.
- As an accountable institution, a business owner and individual, you need to be aware of developments in respect of our country’s greylisting.
Relevance to Your clients:
- An accountable institution, as well as an entity (company or close corporation), has a duty to comply with the FICA, otherwise they could be held liable.
- As an accountable institution, a business owner and individual, you need to be aware of developments in respect of our country’s greylisting.