South Africa’s removal from the FATF greylist marks a milestone in strengthening financial integrity: SAICA’s Role in the Process
Johannesburg, 24 October 2025 — The South African Institute of Chartered Accountants (SAICA) welcomes the announcement that South Africa has successfully met the requirements for removal from the Financial Action Task Force (FATF) greylist, a major milestone reflecting the nation’s collective commitment to strengthening its anti-money laundering and counter-terrorist financing (AML/CFT) framework.
The decision follows South Africa’s completion of all 22 actions identified in the FATF Action Plan since being greylisted in February 2023. The FATF’s Africa Joint Group recently confirmed that the reforms have been implemented and are showing evidence of sustained impact.
SAICA commends the National Treasury, the Financial Intelligence Centre (FIC), and other key institutions for their leadership throughout the process. SAICA has worked closely with regulators, policymakers, and members to ensure that the accountancy profession plays its part in restoring South Africa’s standing in the global financial system.
SAICA’s Contribution to the Greylist exit
Throughout the greylisting period, SAICA undertook several key initiatives to support national efforts, including:
- Technical Guidance and Commentary:
SAICA contributed to legislative reform processes, including engagement on the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022, and amendments to the Financial Intelligence Centre Act (FICA), ensuring that obligations were clearly communicated and practicable for professional accountants and trust and company service providers. Since November 2023, SAICA has been running their monthly Compliance in Practice webinars where members and non-members registering for these sessions have been educated on the technical and practical the requirements introduced by the various supervisory bodies and regulators. - Awareness and Capacity Building:
SAICA developed and disseminated practical guidance, webinars, and tools to help members and stakeholders understand and implement AML/CFT requirements. This included education on the development of risk management and compliance programmes (RMCPs) and the expanded definition of “accountable institutions.” - Beneficial Ownership and Trust Transparency:
Recognising FATF’s emphasis on transparency of ownership structures, SAICA supported members in understanding new requirements for disclosure to the Financial Intelligence Centre (FIC), Master’s Office and the Companies and Intellectual Property Commission (CIPC), enhancing compliance among trustees and company officers. In response to the FATF action plan items, stricter requirements for companies and trusts to record and report information regarding their beneficial owners and transparency of asset ownership were introduced. This required that accountants and auditors in their capacity as trust and company service providers assist their clients, such as trusts and companies, collect, verify and submit accurate up-to-date beneficial ownership information to relevant authorities such as the CIPC and the Master of the High Court. By diligently adhering to and enforcing these enhanced regulatory requirements, the accountancy profession has contributed directly to strengthening South Africa’s financial integrity. - Public–Private Collaboration:
SAICA actively engaged with supervisory bodies, including the FIC, CIPC, and National Treasury, to align professional guidance with national policy. These partnerships have ensured consistent interpretation of obligations and have contributed to a more coordinated compliance environment. - Ethics and Governance Leadership:
In addition to technical initiatives, SAICA has continued to promote ethics, integrity, and good governance across the profession, reinforcing that the fight against financial crime begins with a strong ethical culture and accountability.
Why This Matters for Every South African
South Africa’s removal from the greylist is not just a technical achievement—it directly benefits every citizen. Being on the greylist made it harder for South Africans to do business internationally, increased costs for banks and businesses, and could have led to higher prices and fewer job opportunities. Now, with our removal, South Africa is better positioned to attract investment, create jobs, and ensure that our financial system is trusted worldwide. This means more opportunities and a stronger economy for all South Africans.
SAICA’s Role: Protecting the Public Interest
SAICA’s work goes beyond supporting accountants—it helps protect the public by ensuring that financial professionals uphold the highest standards of integrity and transparency. By providing training, guidance, and leadership, SAICA has helped make sure that South Africa’s financial system is safer and that the weak measures identified to combat money-laundering, terrorist financing and proliferation financing are strengthened. This benefits everyone, from small business owners to ordinary citizens who rely on a stable economy. SAICA has helped elevate national compliance capacity, reinforced its public interest mandate, and ensured that Accountants remain trusted guardians of financial integrity.
Looking Ahead
SAICA Chief Executive Officer noted:
“South Africa’s removal from the greylist demonstrates what can be achieved through coordinated action and shared accountability. The reforms have not only met international standards but have strengthened the foundations of integrity and transparency within our financial system. SAICA is proud to have contributed to this national effort and remains committed to supporting ongoing compliance and capacity building.”
Although the removal from the FATF greylist is a significant step, the fight against financial crimes needs to continue as significant financial capital is lost through illicit financial flows. SAICA will continue to collaborate with the FIC, National Treasury, and other supervisory bodies to sustain the progress made. The Institute will also maintain its focus on education, professional ethics, and risk management to ensure that compliance remains embedded in professional practice.
Issued by the SAICA Corporate Affairs Team
About SAICA
The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is recognised as the world’s leading accounting institute and is home to the leading CA designation in the world The Institute provides a wide range of support services to more than 60 000 members and associates who are chartered accountants (CAs[SA]), as well as associate general accountants (AGAs[SA]) and accounting technicians (ATs[SA]), who hold positions as CEOs, MDs, board directors, business owners, chief financial officers, auditors and leaders in every sphere of commerce and industry, and who play a significant role in the nation’s highly dynamic business sector and economic development.
SAICA is a member of Chartered Accountants Worldwide (CAW), a global family that connects over 1,8 million fellow Chartered Accountants and students in more than 190 countries. Together, we support, develop, and promote the role of Chartered Accountants as trusted business leaders, difference makers, and advisers.
SAICA media contact
Kgauhelo Dioka, ***@saica.co.za or 068 087 1867
Manager: Public and media relations
Acting Lead: Corporate Affairs
SAICA Customer Experience Division