We have not yet done enough as a country to be removed from the Financial Action Task Force (FATF’s) greylist. Trust expert Phia van der Spuy examines the status of the greylisting, with the latest update being on 21 February 2025, when the FATF announced the upgrade of four of the six outstanding action items following its latest plenary meetings held in France. This enhanced South Africa’s status to having addressed or largely addressed 20 of the 22 action items in its Action Plan.
The significant efforts of trust and company service providers have paid off, resulting in the beneficial ownership action item being regarded as “largely addressed”. The participants deserve commendation for their contributions. However, it would be advantageous for the country if the momentum were to be maintained, as several companies and trusts still need to submit their beneficial ownership registers. Hence the status of being “largely addressed”.
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Phia van der Spuy is a Chartered Accountant with a Masters degree in tax and a registered Fiduciary Practitioner of South Africa®, a Chartered Tax Adviser, a Trust and Estate Practitioner (TEP), and the founder of Trusteeze®, the provider of a digital trust solution.