FATF To Announce Its Decision On Potential Grey Listing Of South Africa

The Financial Action Task Force (FATF) concludes its plenary meeting today and will announce a decision regarding the potential grey listing of South Africa.

• According to the watchdog's website, "the FATF President will hold a press conference to announce the outcomes of the Plenary after it has ended. The press conference is scheduled for 17:00 CET."
• Law firm White&Case notes that "the possibility of a FATF grey listing may present a threat to South Africa's financial growth and status as a regional leader" due to the risks of loss of capital flow and reputational damage, adding that "the true impact of FATF grey listing remains to be seen."
• South Africa's President Cyril Ramaphosa late in December signed two key pieces of legislation into law, seeking to address the FATF's concerns. Last month, the country sent a delegation to present a summary of progress in addressing the watchdog's concerns, but it is unclear if the FATF will deem it sufficient.