SA could be greylisted again. What that would mean for your money

South Africa faces a "significant risk" of being put back on the international money-laundering greylist, only a year after getting off it, according to the latest Reform Tracker from Business Leadership South Africa (BLSA) released on 28 October 2026 (BLSA, Reuters via CNBC Africa).

The warning centres on corruption reforms. BLSA's score for that area was stuck at 51.2 for July to September, with no anti-corruption deliverables moving forward (BLSA).

Why is South Africa at risk again?

The Financial Action Task Force (FATF), the global watchdog that runs the list, is busy with a fresh assessment of South Africa, called a mutual evaluation. It will test whether the country has kept up the rise in money-laundering investigations and prosecutions that got it delisted (BLSA).

BLSA says weak law enforcement could count against South Africa: investigating organised crime, winning prosecutions and recovering criminal assets (Reuters via CNBC Africa). Ismail Momoniat, the Treasury adviser who led the campaign to get off the list, has also flagged the danger, with anti-corruption the weak point (BLSA).

"We are at risk of re-entering that grey list. There is significant risk," Stuart Theobald, executive chair of research firm Krutham, which compiles the tracker, told a media briefing (Reuters via CNBC Africa). Treasury did not immediately respond to Reuters' request for comment.

The rest of the tracker was better news. The overall reform score rose to 72.5 from 71.3, its highest since tracking began in March 2024 (BLSA).

When will South Africa find out?

Not this year. The key dates:

Sources: National Treasury, FATF, Reuters via CNBC Africa.

When South Africa exited, Treasury said the next evaluation would be based on "measurable outcomes", including successful investigations, prosecutions and sanctions, and that there must be no gaps by the time of the evaluation (National Treasury).

What would a return mean for your money?

A relisting would bring more scrutiny of South African financial transactions and higher compliance costs for banks and businesses. Some international banks could also pull back from working with local banks, which would make cross-border payments and trade finance slower and more expensive (Reuters via CNBC Africa).

For ordinary people, that is the part most likely to be felt: international transfers, overseas payments and business deals with foreign partners. Business groups said the last listing, which lasted more than two years, put off foreign investors (Reuters via CNBC Africa).

FATF itself says the list does not call for extra due diligence checks on listed countries, and that banks should not cut off whole groups of customers (FATF). It does, however, encourage countries to take the list into account in their own risk analysis (FATF).

What is the greylist?

It is FATF's list of "jurisdictions under increased monitoring": countries with weaknesses in fighting money laundering, terrorist financing and the financing of weapons of mass destruction, which have agreed to fix them within set deadlines (FATF).