South Africa’s successful removal from the Financial Action Task Force (FATF) greylist within just over two years was strongly supported by crucial reforms within the accounting sector, according to Patricia Stock, Chief Executive Officer (CEO) of the South African Institute of Chartered Accountants (SAICA), in an interview on the BusinessDayTV channel. Stock emphasised that escaping the greylist was a collective effort across the ecosystem, but noted that the accounting profession’s contribution was vital, particularly through strengthening anti-money-laundering (AML) and counter-terrorist financing (CTF) frameworks. She explained that SAICA’s members contributed by ensuring compliance with new laws and regulations, and critically, by implementing widespread training and awareness programmes to foster a “culture of compliance” throughout the nation.
A key action involved collaborating with the National Treasury and the Companies and Intellectual Property Commission (CIPC) to ensure the adequacy of beneficial ownership updates, where small-to-medium practices played a critical role in assisting their clients with compliance. While celebrating the milestone, Stock stressed that the ongoing focus must be on maintaining this status, which requires continuous investment in systems and, especially, upholding the compliance culture among smaller businesses to avoid future relisting. She highlighted that suspicious transaction reporting is a cornerstone of this continuous compliance, stating that the profession plays a key role in ensuring that “there is the right reporting… that happens timely as well” to law enforcement agencies.
Stock further argued that remaining off the greylist is an economic imperative, as it reinforces international trust, attracts investment, and ensures the country avoids the high debt costs that ultimately impact “the men in the street.” Regarding the financial market response, she noted that the currency, the Rand, had strengthened following the removal and mentioned that the current period, coinciding with G20 conversations, presents a “great time for for us to can sell a positive story” supported by a position of trust.
Looking ahead, she noted that the profession has undergone significant reflection and reform—including strengthening member discipline processes—in the wake of high-profile corporate scandals such as Steinhoff and Tongaat, and is now actively engaged in a consultation process with the National Treasury regarding the World Bank’s recommendation to regulate accountants more broadly.