After more than two years of global scrutiny, South Africa has officially been removed from the Financial Action Task Force's FATF greylist, a major victory for the country's financial system and global credibility.
The FATF, which monitors nations' efforts to combat money laundering and terrorist financing, placed South Africa under increased supervision in February 2023 after identifying serious gaps in its compliance with international financial crime standards.
Since then, government bodies and financial institutions have worked to plug those loopholes, implementing a series of reforms aimed at strengthening anti-money-laundering controls and improving transparency within the financial sector, as per EWN .