Africa’s most industrialised economy was found wanting in all 11 of the FATF’s effectiveness measures to combat money laundering and the financing of terrorism. The evaluation was carried out in 2019 following an era of endemic graft during Jacob Zuma’s nine-year presidency.

Zuma, who quit in 2018 under pressure from the governing party, has repeatedly denied wrongdoing.

The central bank has previously warned that grey-listing may have wide-reaching consequences for South Africa’s financial system. Besides causing reputational damage, it could lead to capital and currency outflows, while transactional, administrative and funding costs for banks could increase, it said. BM/DM