South Africa has put new laws in place to address the Financial Action Task Force’s (FATF) concerns, and those relating to beneficial ownership will have a significant impact on financial institutions and companies. In February 2023, the FATF placed South Africa on the “greylist” of countries which are under increased monitoring. South Africa was placed on the greylist as the FATF identified serious deficiencies in its regulatory systems and the effectiveness of its anti-money laundering and counter-terrorism regime. Countries on the greylist are committed to working with the FATF to put the necessary measures in place to address their deficiencies. On average, it takes countries three to five years to get off the greylist, but a couple of countries, specifically Mauritius and Morocco, satisfied the FATF requirements faster and were removed in less than two years.