South Africa's progress in strengthening measures to tackle money laundering and terrorist financing

Publication details

Language

English

Country

South Africa

Paris, 5 November 2024 - Since the 2021 assessment of South Africa's measures to tackle money laundering and terrorist financing and the 2023 Follow-Up report, the country has taken a number of actions to strengthen its framework.

In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since their mutual evaluation. Overall, South Africa has made progress in addressing most of the technical compliance deficiencies identified in its MER and has been upgraded as follows:

  • Recommendation 2 is re-rated from partially compliant to largely compliant
  • Recommendation 6 is re-rated from partially compliant to largely compliant
  • Recommendation 15 is re-rated from partially compliant to largely compliant

Today, South Africa is compliant on 5 Recommendations and largely compliant on 32. The country has 2 Recommendations rated partially compliant.

South Africa will next report back on remaining deficiencies in its 5th round mutual evaluation. 

 

South Africa Follow-Up Report - 2024

Filename
South-Africa-Follow-Up-Report-2024.pdf
Size
1 MB
Format
application/pdf
Read the report

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

South Africa Follow-Up Report - 2024

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
LC
R.5 - Terrorist financing offence
C
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
LC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
LC
R.10 - Customer due diligence
LC
R.11 - Record keeping
LC
R.12 - Politically exposed persons
LC
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
LC
R.15 - New technologies
LC
R.16 - Wire transfers
LC
R.17 - Reliance on third parties
N/A
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
LC
R.20 - Reporting of suspicious transactions
LC
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
C
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
LC
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
C
R.32 - Cash couriers
PC
R.33 - Statistics
LC
R.34 - Guidance and feedback
LC
R.35- Sanctions
LC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

Earlier reports

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