South Africa may exit dirty-money list by October 2025, Treasury official says
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.
The country, which was put on the list in February last year, has only completed eight of the action items and aims to complete nine by September, with the rest due in January. It needs to complete all of them by February to exit the list by June.
“There’ll be a site visit in May and the June plenary will decide whether we can be off or on,” Momoniat said by phone Tuesday. “We don’t know the outcome, yet, of September” but “I’m quite optimistic that we are by and large on track with the schedule, and it could mean June or October.”
Still, he warned, nothing is guaranteed and “you can’t take anything in this process for granted. Sometimes you can be blinded by something quite trivial.”
The listing followed an era of endemic corruption — referred to locally as state capture — under former President Jacob Zuma’s rule that’s estimated to have cost at least R500-billion of taxpayer funds. Zuma denies any wrongdoing.
A prolonged stay on the list may cause reputational damage, possibly leading to capital and currency outflows, and increase transactional, administrative and funding costs for banks.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Since 1919, Victaulic’s innovative solutions and design services continue to increase construction productivity and reduce risk, ensuring projects...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
