Godongwana warns South Africa must stay Vigilant after FATF grey list exit
Finance Minister Enoch Godongwana has warned that South Africa must remain vigilant to stay off the FATF grey list.
Image: Picture: Ayanda Ndamane
Finance Minister Enoch Godongwana has warned that South Africa must remain vigilant to stay off the FATF grey list.
The FATF is a global body that aims to tackle money laundering and terrorist financing. The country was recently removed from the list last month after more than two years of reforms to strengthen laws and systems to combat money laundering and terrorist financing.
IOL previously reported that President Cyril Ramaphosa said South Africa’s exit from the Financial Action Task Force (FATF) grey list demonstrates that the country is taking steps to combat corruption and other financial crimes.
“Our country’s exit from the Financial Action Task Force (FATF) grey list bodes well for the integrity and reputation of our financial system, for our status as an investment destination, and for the economy as a whole,” Ramaphosa said.
The move was also welcomed by business groups, who said it would boost investor confidence and make it easier for South African companies to do business internationally.
Speaking during his Medium-Term Budget Policy Statement on Wednesday, Godongwana said the country cannot afford complacency, as the FATF’s next mutual evaluation begins in the first half of 2026.
He stressed that continued vigilance and strong enforcement are essential to ensure South Africa remains off the grey list and maintains investor confidence.
"Exiting the grey list enhances South Africa’s attractiveness to investors and make it easier to do business with us. However, we cannot afford to be complacent. FATF’s next mutual evaluation of South Africa begins in the first half of 2026." Godongwana said
"We must continue to tackle money laundering and terrorism financing to stay off the grey list".
IOL Business
mthobisi.nozulela@iol.co.za