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FIC: SA finally removed from greylist
- 27 October 2025
- Money Laundering
- South African Accounting Academy
Summary:
The Financial Intelligence Centre (FIC) welcomes the decision by the Financial Action Task Force (FATF) to remove South Africa as a jurisdiction under increased monitoring, known as ‘the grey list’.
Article:
The FATF made this announcement on Friday, 24 October, at the conclusion of its plenary which was held from 20 to 24 October 2025. The announcement was made 32 months after the country was placed on the grey list in February 2023. South Africa’s removal from the grey list follows a concerted and proactive response by a broad range of role players to tackle deficiencies identified in the country’s 2019 mutual evaluation, and to address action items during the increased monitoring process.
The FIC contributed significantly to this process in a number of key areas.
Exiting the grey list is half the battle won and one that must continue. The FIC will continue to enhance its abilities to contribute to the fight against financial crime.
South Africa has already started the process of preparing for the fifth round of mutual evaluations due to take place 2026 to 2027.
Click here to download the media release:
https://www.fic.gov.za/wp-content/uploads/2025/10/2025.10-MR-South-Africa-exits-the-grey-list-.pdf
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.