South Africa faces FATF greylisting but can follow Mauritius’s success in AML compliance through strategic partnerships and AI-driven solutions.
FATF stands for the Financial Action Task Force. It is an intergovernmental organization established in 1989 with the primary objective of combating money laundering and the financing of terrorism. The FATF develops and promotes international standards and recommendations for anti-money laundering (AML) and counter-terrorist financing (CTF) measures. Its guidelines serve as a global framework for countries to enhance their financial systems’ integrity and security by implementing effective AML and CTF measures. The FATF conducts evaluations of member and non-member countries to assess their compliance with these standards, thereby contributing to the global effort to combat financial crime and maintain the integrity of the international financial system.