The Democratic Alliance (DA) has said South Africa’s removal from the Financial Action Task Force (FATF) grey list is welcome but urged sustained action to prevent a relapse.

“The DA commends the work, focus and commitment of government in getting South Africa out of the financial-transaction purgatory known as the grey list. Since entering government, we’ve helped work to secure this outcome. But there is no room for complacency,” the party said.

National Treasury also welcomed the delisting following FATF plenary meetings in Paris last week while stressing the months of work that had gone into addressing FATF concerns.

South Africa’s Financial Intelligence Centre (FIC), a government agency tasked with countering illicit financial flows, also welcomed the decision. “This milestone brings to an end a difficult but critical chapter in the evolution of South Africa’s regime to combat money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction,” said Pieter Smit, Acting Director of the FIC.

Analysts have warned that delisting is not in and of itself a success and that the FATF will now closely monitor South Africa and look for firm action towards arresting illicit flows and holding perpetrators to account.