SA is Off the Greylist: What Does the Big News Mean?
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Big news! South Africa is officially off the Financial Action Task Force (FATF) greylist as of 24 October 2025. The greylist is a kind of financial watchlist used by the FATF for countries that need to improve their systems to fight money laundering and terrorism financing.
South Africa landed on that list back in February 2023. Since then, the government has been working hard to fix the problems identified by FATF, 22 action items, to be exact. After months of reforms, policy changes, and on-the-ground reviews, FATF has now confirmed that South Africa has made enough progress to be delisted. This is important for us as:
Being on the greylist made it harder and more expensive for South African businesses to deal with international banks and investors.
Getting off the list sends a strong message that the country is serious about fixing past issues, especially those that came up during the state capture era.
Key Changes from Greylisting Response
In response to being greylisted by the FATF in 2023, South Africa introduced a series of major reforms to strengthen its fight against money laundering and terrorism financing. Many of which directly impact accountants and other financial professionals:
Accountants classified as Accountable Institutions under FICA, requiring stricter client checks and reporting duties.
Beneficial ownership reporting became mandatory for companies and trusts.
Major law changes through the General Laws Amendment Act, affecting laws like FICA, Companies Act, and Trust Property Control Act.
Stricter rules for NPOs, especially those handling cross-border or high-risk funds.
Tougher regulatory enforcement with more inspections, penalties, and compliance checks.
More investigations and prosecutions required for money laundering and terrorism financing.
Improved collaboration between SARS, NPA, FIC, and other enforcement bodies.
International cooperation became a priority for tracking and recovering illicit funds.
Risk-based compliance became the standard for all regulated institutions.
Ongoing training and capacity building expected across both public and private sectors.
But this isn’t the finish line. Government and businesses still need to stay sharp. FATF will be keeping an eye on South Africa’s follow-through—looking for real results like investigations, prosecutions, and proper enforcement.
Another full evaluation is scheduled for 2026–2027. So, the work continues, not to let ourselves slip back into bad habits.
Other countries are celebrating alongside us: Nigeria, Mozambique, and Burkina Faso were also removed from the greylist this week.
🟢 South Africa’s greylist exit is a win—but staying off it will take continued effort, accountability, and collaboration between government and the private sector.
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