South Africa continues to be on the greylist after the Financial Action Task Force (FATF) determined that the nation has not sufficiently addressed issues related to money laundering and corruption.

The international body responsible for combating financial crime placed South Africa on its grey list in February 2023. Following a recent meeting in Singapore, the FATF released a statement on Friday.

Despite the South African government asserting that it has made progress in correcting deficiencies, the FATF has indicated that further efforts are necessary to resolve strategic shortcomings.

In related developments, Monaco and Venezuela have been added to the greylist, while Jamaica and Türkiye have successfully been removed from it.