FATF Completes On-Site Assessment in South Africa Ahead of Potential Greylist Removal
FATF has completed its on-site assessment in South Africa ahead of potential greylist removal, with the Africa Joint Group verifying the implementation of reforms to combat money laundering and terrorism financing during a two-day visit in Pretoria on 29-30 July 2025, paving the way for the October plenary to decide on delisting the country after it substantially addressed all 22 action items in its plan.
In a key step towards potentially lifting South Africa off the Financial Action Task Force greylist, the FATF Africa Joint Group wrapped up an on-site assessment visit in Pretoria on 29-30 July 2025. The visit aimed to check if the country has put in place effective reforms to fight money laundering and the financing of terrorism. This comes after the June 2025 FATF plenary noted that South Africa had largely finished its action plan, which included 22 items set out when the nation was greylisted in February 2023. The assessment is the last hurdle before the October 2025 FATF plenary decides on removal, with government officials giving strong promises of ongoing support during the meetings.
Background on South Africa’s Greylisting and Action Plan
South Africa landed on the FATF greylist in February 2023 due to weaknesses in its systems to tackle money laundering and terrorism financing. The FATF, a global watchdog, pointed out gaps in laws, oversight and enforcement that made the country more open to financial crimes. To get off the list, South Africa agreed to a detailed action plan with 22 steps, such as better rules for tracking suspicious deals, stronger checks on high-risk sectors like casinos and real estate, and tougher actions against corrupt officials.
By June 2025, the FATF plenary in Strasbourg said South Africa had made big strides, completing all 22 items in the plan. This progress included new laws passed by Parliament, like changes to the Companies Act for clearer ownership details and updates to anti-corruption bodies. The plenary decided an on-site visit was needed to make sure these changes are really working and that leaders are committed to keeping them going. Being on the greylist has hurt South Africa’s image, making it harder for banks to do business abroad and raising costs for everyone.
Details of the On-Site Assessment Visit
The FATF Africa Joint Group met with South African government officials, financial institutions and non-bank financial groups during the two-day visit. They looked at how well the reforms are being carried out in real life, including checks on banks, lawyers and other services that could be used for dirty money. The team wanted proof that these changes are not just on paper but are making a real difference.
At the end of the meetings, the group talked with Deputy Minister of Finance Dr David Masondo and Deputy Minister of Justice and Constitutional Development Andries Nel. Both deputies promised the FATF that the government is fully behind keeping up the fight against financial crimes. “At the conclusion of the meetings, the FATF Africa Joint Group held a meeting with Deputy Minister of Finance, Dr David Masondo and Deputy Minister of Justice and Constitutional Development, Andries Nel, who both assured the FATF of the South African government’s political commitment to continue to sustainably improve the country’s Anti-Money Laundering and the Combating of the Financing of Terrorism system,” National Treasury said on Thursday.
The visit focused on making sure South Africa has the right setup to spot and stop illegal cash flows, like better sharing of info between agencies and stronger rules for trusts and companies. Officials from Treasury, the Financial Intelligence Centre and the South African Reserve Bank took part, showing how different parts of government are working together.
Government’s Commitment and Next Steps
South Africa has shown strong political will to fix these issues, with leaders from the Government of National Unity backing the reforms. Deputy Ministers Masondo and Nel thanked the FATF for their helpful approach since the greylisting and promised ongoing teamwork to protect the global financial system. “Deputy Ministers Masondo and Nel thanked the FATF Africa Joint Group for its collegial working relationship with the South African government delegation since the country’s greylisting in February 2023, and further assured the FATF Africa Joint Group that the South African government will continue actively partnering with the FATF Global network in preserving and advancing the integrity of the South African and global financial systems,” Treasury added.
After the visit, the FATF Africa Joint Group will send a report to the October 2025 FATF plenary in Paris. That meeting will decide if South Africa can come off the greylist based on the findings. Treasury has said it will not give more updates or interviews until after the plenary, when the FATF shares its decisions.
Getting delisted would be a big win for South Africa, making it easier to attract investment and lowering costs for banks and businesses. It would also show that the country’s efforts to clean up its financial system are paying off, helping to build trust with global partners.
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