By Naledi Ngcobo

This is even in the face of persistent economic challenges it said.

The report highlights the PA's progress in addressing the deficiencies identified by the Financial Action Task Force (FATF), which had previously placed SA on its 'grey list'.

The FATF's concerns centred around vulnerabilities in the nation's frameworks for combating money laundering and terrorism financing.

The PA has responded with increased vigilance, instituting regular follow-ups with financial entities to ensure adherence to compliance standards.

Moreover, the PA has emphasised that any administrative penalties levied are commensurate with the level of non-compliance observed.

Fundi Tshazibana, Chief Executive Officer of the Prudential Authority, underscored the organisation's commitment to robust governance within the financial sector.

"Our primary focus this year has been to fortify the governance structures of financial institutions. This is the cornerstone that assures the safety of consumer deposits and the security of policyholders' funds. Additionally, our role extends to the pivotal tasks of anti-money laundering and counter-terrorism financing. We are actively working towards rectifying the action items specified by the FATF to facilitate South Africa's removal from the grey list. Our efforts are well underway and yielding positive results," stated Tshazibana.

--SABC--