The Financial Action Task Force (FATF) has published a follow-up report and technical compliance re-ratings for South Africa.

The report concludes that overall, South Africa has made progress in addressing most of the technical compliance deficiencies identified in its Mutual Evaluation of October 2021.

The following technical compliance ratings against the FATF Recommendations have been adjusted:

  • Recommendations 5 and 23 have been upgraded from Partially Compliant to Compliant;
  • Recommendations 1, 7, 10, 14, 18, 22, 24, 25, 26, 27 and 28 have been upgraded from Partially Compliant to Largely Compliant;
  • Recommendation 12 is upgraded from Non-Compliant to Largely Compliant;
  • Recommendation 17 from Non-Compliant to Not Applicable; and
  • Recommendations 6, 8 and 15 have been upgraded from Non-Compliant to Partially Compliant.

Firms with operations in or exposure to South Africa should read the MER to gain further insights into the progress made by and technical compliance actions recommended for the country to take.

https://www.fatf-gafi.org/en/publications/Mutualevaluations/south-africa-fur-2023.html

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