-
The logo of the Financial Action Task Force is seen during a news conference.
Economist Iraj Abedian says South Africa’s removal from the Financial Action Task Force’s (FATF) greylist is a step in the right direction, but a lot more needs to be done to maintain its status.
It emphasises that government has worked tirelessly to address all the deficiencies reflected in the 22-action item plan agreed between South Africa and FATF.
The global financial crime watchdog placed SA on the grey list in 2023, citing the country’s failure to comply with international standards around the prevention of money laundering and terrorist financing.
Abedian says the removal from the list will boost SA’s position in the global economy.
“There is no doubt that this is very good news, positive, in many ways, and this is a welcome change in terms of the global rating of South Africa. Of course, South Africa is still junk graded, as they call it in the financial capital markets, but the combination of junk grade and grey listed was really very poisonous and lethal and costly for our economy. So, I welcome the opportunity that we now have at least one tick gone from red to green.”
Abedian says there now needs to be a clampdown on corruption and those found guilty must be held accountable.
“What we need to do is to maintain those standards to which we have subscribed, the 22 standards. But at the heart of it, quite frankly, is about efficient and effective non-partisan enforcement of the laws and regulations that concern financial transactions. We need to make sure that people who engage in corruption are put behind bars.”
#PODCAST Economists label South Africa’s removal from the Financial Action Task Force’s grey list as a step in the right direction #sabcnews #sabckzn @salpatel786
— SABC News Radio (@SABCNews_Radio) October 28, 2025
