Sanctions

Following FATF’s recommendations, the evaluation of “assessing risks and applying a risk-based approach,” which was rated as “partially compliant” in October 2021, progressed to “largely compliant” by October 2023. However, the evaluation of “national cooperation and coordination” has remained at the “partially compliant” level since October 2021. As highlighted in the FATF’s February 2024 update, South Africa needs to persist in implementing its action plan to address deficiencies. This involves ensuring that competent authorities promptly access accurate and updated information on legal entities and arrangements and impose sanctions for violations by legal entities. These remedial actions should be completed by January 2025.