President Cyril Ramaphosa has celebrated South Africa’s removal from the Financial Action Task Force (FATF) grey list, saying it marks a turning point for the country’s economy and global reputation.
In his weekly newsletter, Ramaphosa said the exit was “good news for the integrity and reputation of South Africa’s financial system” and enhances the nation’s image as a trustworthy investment destination.
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The FATF, a global body established to combat money laundering and terrorist financing, placed South Africa on its grey list in 2023 after identifying gaps in the country’s compliance with international standards.
FATF Praises South Africa’s Progress on Financial Reforms
In its latest statement, the FATF commended South Africa for making “significant progress” in strengthening its anti-money laundering and counter-terrorism financing framework. The organisation urged the country to maintain its improved systems to prevent future greylisting.
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Ramaphosa noted that just over two years ago, the FATF had flagged serious weaknesses that left South Africa vulnerable to financial crimes. However, he credited a dedicated multidisciplinary team led by the National Treasury for addressing those shortcomings and ensuring the country’s formal exit from the list.
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Highlighting the impact of greylisting, Ramaphosa said affected countries often face difficulties accessing credit and international financial services. He described South Africa’s removal from the list as a milestone that “bodes well for investment” and restores confidence in the nation’s financial credibility.
“The milestone is a boost for South Africa’s international reputation and global standing,” Ramaphosa said, emphasising that greylisting “results in a country being seen as risky for investors.”
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