South Africa on Course to Exit Dirty-Money List in 2025, Treasury Official Says
- Nation was placed on FATF’s dirty-money list in February 2023
- Removal will require it to address all of FATF’s concerns
National Treasury Official Ismail Momoniat
Photographer: Dwayne Senior/BloombergThis article is for subscribers only.
South Africa should address outstanding shortcomings in tackling illicit financial flows to exit a global dirty-money list by either June or October next year, provided there’s no surprises, National Treasury Official Ismail Momoniat said.
The nation has until February to address 22 key items flagged by the Financial Action Task Force and two reporting cycles - this month and January — to get off its so-called gray list by a June deadline. Failure to do so would require it to report to the FATF every four months, until all deficiencies have been addressed.