South African FIC News

FIC 2024-25 Annual Report: Grey List Progress and Clean Audit

The Financial Intelligence Centre (FIC) released its 2024-25 annual report demonstrating continued progress in combating financial crime in South Africa. The report highlights that 55,262 registered institutions submitted over 13.4 million regulatory reports, contributing to approximately R144 million in recovered criminal proceeds. A FATF review team completed an on-site assessment in July 2025 to verify AML/CFT reforms, with a decision on South Africa's potential grey list exit expected at the October 2025 FATF plenary.

General Laws Amendment Bill 2025 - Public Comment on AML/CFT Reforms

South Africa's National Treasury has published the draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2025 for public comment through Government Gazette No. 53955. The Bill proposes amendments to four pieces of legislation including the Financial Intelligence Centre Act, Financial Sector Regulation Act, Companies Act, and Nonprofit Organisations Act to address AML/CFT deficiencies identified in the 2021 FATF Mutual Evaluation Report. Public comments are due 13 February 2026.

South Africa Exits FATF Greylist After 32 Months

The FATF removed South Africa from its greylist on October 24, 2025, ending 32 months of increased monitoring that began in February 2023. South Africa completed all 22 Action Plan items, culminating in a successful on-site evaluation in July 2025. Going forward, South Africa must sustain its AML/CFT improvements and prepare for a mutual evaluation expected in the first half of 2026.

South Africa Exits FATF Grey List After 32 Months

The Financial Intelligence Centre announced South Africa's removal from the FATF grey list on 24 October 2025, ending 32 months of increased monitoring that began in February 2023. The removal follows successful remediation of deficiencies identified in the 2019 mutual evaluation, including enhanced DNFBP supervision capabilities and improved law enforcement collaboration. South Africa now prepares for its fifth round of mutual evaluations scheduled for 2026 to 2027.

Directive 11 of 2026: 2026 Risk and Compliance Return Submission Requirements

The South African Financial Intelligence Centre (FIC) issued Directive 11 of 2026 on March 31, 2026, mandating specified accountable institutions to submit their 2026 Risk and Compliance Return (RCR) electronically. The submission window opens May 4, 2026 and closes either June 30 or July 31, 2026 depending on the institution category. The directive requires completion of a self-assessment questionnaire covering ML, TF, and PF risks across three reporting years.