South Africa is intensifying efforts to get removed from the Financial Action Task Force’s (FATF) gray list, which includes countries with deficiencies in combatting illicit financial flows. The FATF placed South Africa on its watchlist in February, giving the country until Jan. 31, 2025, to address the identified shortfalls. While this did not immediately impact South Africa’s credit ratings, failure to meet the deadline may negatively affect investor sentiment, leading to potential capital and currency outflows.