Exiting South Africa from FATF greylist

South Africa's Financial Intelligence Centre is on a deliberate drive to help the country exit the greylist status. The country has been working tirelessly to address the concerns raised by the Financial Action Task Force (FATF) in order to demonstrate effectiveness in combating money laundering, terrorist financing, and the proliferation of funds. In a recent interview with CNBC Africa, Christopher Malan, the Executive Manager of Compliance & Prevention at the Financial Intelligence Centre, provided insight into the progress being made and the challenges ahead. Malan highlighted the importance of understanding risks, implementing mitigation measures, and demonstrating sustained effectiveness over time to meet the FATF requirements. With a deadline of January 2025 looming, South Africa has 22 action items to address, with eight milestones to meet by May 2024. The country is working diligently to gather evidence of demonstrated activity to present to FATF by December 2024 for evaluation. While the task ahead is challenging, Malan expressed confidence in the team's ability to meet the requirements and exit the greylist. He emphasized the need for collaboration between various stakeholders, including the private sector, law enforcement, and supervisory bodies, to ensure a coordinated effort in addressing the issues at hand. Despite the complexities involved, South Africa is making progress in addressing the concerns raised by FATF and is receiving international technical assistance to enhance its effectiveness in fighting financial crimes. The country is focused on building a strong foundation for the future, not just to pass the FATF evaluation but to create lasting change in combating financial crimes. The upcoming election has not hindered the technical process of addressing the FATF requirements, as policy decisions have already been made by relevant ministers, allowing technocrats like Malan to focus on delivering results. As South Africa continues its efforts to exit the FATF greylist, the cooperation and coordination of all stakeholders will be essential in achieving this important goal.