The Rand strengthened by nearly half a percent on Friday following the announcement that South Africa (SA) had been officially removed from the Financial Action Task Force (FAFT) greylist.

Experts say the move signals that the country has made strong progress in tightening its controls to combat money laundering and terrorist financing.

SA was added to the list of countries not fully compliant with global anti-money laundering standards in February 2023.

National Treasury and organised business have welcomed the removal of SA from the grey list.

–SABC–