Reserve Bank commits to fight against money laundering, financing of terrorism and proliferation financing
24 February 2023
The South African Reserve Bank (SARB) acknowledges the decision of the Financial Action Task Force (FATF), at its February 2023 Plenary, to add South Africa to the list of jurisdictions currently under increased monitoring.
The decision is notwithstanding the substantial efforts by all stakeholders, under the National Treasury’s leadership, to address the recommended actions contained in the FATF Mutual Evaluation Report (MER) of South Africa, within the 12-month observation period.
The SARB and the South African government more broadly, maintain a close and open relationship with the FATF. Since the FATF Mutual Evaluation of South Africa in October 2021, our coordinated government stakeholders have undertaken substantial and far-reaching efforts, led by the National Treasury, to enhance our anti-money laundering, counter financing of terrorism and counter proliferation financing (AML/CFT/CPF) regime and its implementation. South Africa’s hard work resulted in most of the identified deficiencies being addressed within the 12-month observation period afforded to South Africa.
South Africa’s 2021 MER highlighted a number of recommended actions linked to supervision and preventive measures applicable to financial institutions and designated non-financial businesses and professions. As a result of strategic efforts and numerous initiatives undertaken by the SARB, all pertinent action items received extensive attention. The Prudential Authority as well as the Financial Surveillance and National Payment System departments of the SARB are responsible for overall AML/CFT/CPF supervision across all banks, life insurers, mutual banks, co-operative banks, authorised dealers with limited authority, and clearing system participants.