South Africa has addressed most of the technical compliance deficiencies that led to it being greylisted by the Financial Action Task Force (FATF) in February 2023, though much work still needs to be done to boost the effectiveness of legislation aimed at curbing money laundering and terror financing by improving the investigation and prosecution of such crimes. That’s the word from National Treasury, which released a statement late Wednesday saying South Africa is now fully or largely compliant with 35 of 40 key recommendations made by the Paris-based to address previously identified deficiencies in its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework.
