sanews - 9 days ago

SARS welcomes decision to delist SA from FATF greylist The South African Revenue Service (SARS) Commissioner, Edward Kieswetter, has welcomed the decision by the Financial Action Task Force (FATF) to delist South Africa from its grey list of jurisdictions under increased monitoring. “This is a significant moment for our country and a testament to the whole of government approach and its institutions to restore the integrity of our financial system,” the Commissioner said on Friday. The decision to delist South Africa was taken at the conclusion of meetings of the FATF Plenary, which took place over 22-24 October 2025 in Paris, France. “While the FATF’s initial grey-listing in February 2023 was a consequence of systemic weaknesses aggravated during the era of state capture, SARS is acutely aware that it, along with other key institutions, was impacted and must continue to play a crucial role in preventing any future regression. “We recognise that removing the designation of grey listing is not a finish line but a milestone on a long-term journey toward building a robust and resilient financial ecosystem,” he said. The FATF is an intergovernmental organisation and finance watchdog that was established to combat money laundering, terrorist and proliferation financing, as well as other threats to the integrity of the international financial system. It sets global standards for anti-money laundering and counter-terrorism financing, promotes the effective implementation of these standards, and conducts mutual evaluations of member countries to assess their compliance with the FATF Recommendations. “This delisting is a vote of confidence in South Africa’s progress, but it is not an end to our vigilance. The fight against financial crime and corruption is a continuous one. “SARS remains committed to upholding the highest standards of financial integrity and, as we approach the new round of FATF review commencing in the latter part of 2026, SARS will work relentlessly to ensure that we do what is required to combat the illicit economy. “By doing so, we will not only maintain our standing with FATF but, more importantly, continue to build public trust and confidence in our financial system, and create a stronger, more prosperous South Africa for all,” Kieswetter said. SARS supported the national efforts to meet the 22 action items required by the FATF. These efforts include the following areas: In partnership with other law enforcement agencies, SARS has strengthened its financial intelligence-gathering capabilities and increased investigations and asset preservation/recovery in relation to tax and customs crime matters involving complex money laundering and terror financing schemes. SARS has introduced beneficial ownership reporting obligations for legal persons and trusts as well as collaborated closely with the Companies and Intellectual Property Commission (CIPC) and the Master of the High Court (MOHC) to improve access to accurate and up-to-date beneficial ownership information for legal persons and trust. The Tax Administration Act was amended in 2023 to enable information exchange with CIPC, MOHC and the Department of Social Development (DSD) further supporting the national beneficial ownership information framework. The development and piloting of a digital traveller declaration system for cash and bearer negotiable instruments (BNIs) on entry and exit at all borders. This system enables the sharing of information with the FIC and is expected to become mandatory by the end of 2025. SARS provided training to its officials as well as other law enforcement officials on money laundering, beneficial ownership, legal gateways for information exchange and the application of mutual legal assistance. SARS’s focus will now shift to embedding these improvements permanently and sustainably into its operations. This means continuing to: Make it clear and easy for taxpayers to comply with their obligations to pay tax. Enforce tax and customs laws decisively and fairly without fear, favour, or bias. Cooperate effectively with domestic and international partners in combatting the illicit economy. Utilise sophisticated data and business intelligence to understand and counter illicit financial flows. -SAnews.gov.za nosihle Sun, 10/26/2025 - 12:27 224 views

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