The Ministry of Finance of South Africa issued a statement on October 24, welcoming the global regulatory authorities to remove South Africa from the special review list of illegal money flows, saying that South Africa will be firmly committed to improving its anti-money laundering and counter-terrorist financing system.

The Financial Action Task Force, an international anti-money laundering and anti-terrorism financing institution headquartered in Paris, France, announced on the 24th that after the South African government stepped up its efforts to combat money laundering and terrorist financing, the country was removed from the special review list that needed to strengthen the monitoring of illegal financial flows. Nigeria, Mozambique and Burkina Faso were also removed from this list.

In a statement, the South African Treasury said the removal from the special censorship list was an important milestone and a major achievement of the South African government¡¯s unremitting efforts over the past two years, ¡°we will continue to improve law enforcement and governance processes... ensuring our systems are becoming more and more effective in combating money laundering, terrorist financing and proliferation.¡±

South Africa and Nigeria were included in the special review list by the Financial Action Task Force in 2023, with Mozambique and Burkina Faso included in the list in 2022 and 2021, respectively.Analysts believe that the removal of the four countries from the special review list helped to attract foreign capital flows and reduce financing costs, thereby boosting economic growth.