ARTICLE · 27 MARCH 2023

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Grey-listed: What The FATF Now?

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Grey-listing by the Financial Action Task Force ("FATF") has major implications for countries and companies alike.

South AfricaGovernment, Public Sector

Angela Itzikowitz

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Grey-listing by the Financial Action Task Force ("FATF") has major implications for countries and companies alike. These implications include reputational damage, economic consequences, and increased compliance costs, which can lead to restricted foreign investment and reduced capital inflows. While legislative reforms can help address the shortcomings identified by the FATF, broader political responses are often required to restore confidence in a country's ability to combat money laundering offenses.

We previously wrote about South Africa's grey-listing by the FATF on 24 February 2023. The implications of the grey-listing for South Africa and entities operating in South Africa, including banks and other financial services providers, are reputational and economic.

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