South Africa has only managed to address five of the 22 action items set out by the Financial Action Task Force (FATF) last year.
The country had aimed to be off the greylist by 2025.
According to a statement released by National Treasury, the five items that the country has addressed relate to criminalising terrorist financing and increasing the use of financial intelligence from the Financial Intelligence Centre to support money laundering investigations, and increasing the resources of Anti-Money Laundering and the Combating of the Financing of Terrorism.
The Treasury says while South Africa is on track to address all the outstanding action items, it remains a tough challenge to address all 17 of the remaining action items by February 2025.
It says all relevant agencies and authorities will need to continue to demonstrate significant improvements and ensure that such improvements are sustained.
VIDEO | Financial Action Task Force hopes to get SA off the greylisting by next year:
