South Africa has been removed from the Grey List.

PJ Botha • October 30, 2025

South Africa has officially been removed off the Financial Action Task Force's (FATF) grey list as of October 24, 2025. This comes after 33 months of work to strengthen the country's anti-money laundering and counter-terrorism systems.


Why Was South Africa Grey Listed in the first place?
In February 2023, the FATF placed South Africa on the grey list due to weaknesses in its ability to enforce anti-money laundering regulations. These included ineffective investigations and prosecutions, particularly in severe money laundering and terrorist financing cases.
To get off the list, South Africa needed to accomplish 22 action items. By June 2025, the FATF reported that all items had been handled. Although some areas, like as prosecutions, require improvement, this did not prevent the country from being removed from the list.


What is the Function of the Financial Intelligence Centre (FIC)?
The Financial Intelligence Centre helped South Africa achieve FATF regulations. It enhanced how it oversees businesses and professions that deal with money but are not banks, employing stronger risk assessment tools and compliance measures.
The FIC also collaborated extensively with law enforcement, promoting the use of financial intelligence in investigations. This resulted in genuine results, such as the freezing of approximately R157 million in suspected illegal funds and the recovery of nearly R144 million in stolen money.

What impact did the listing have on the Economy and Investments?
Being on the Grey List increased the cost and complexity of foreign transactions. It also harmed investor confidence, particularly while South Africa holds the G20 presidency in 2025.
Financial experts predict that now that the country is no longer on the list, investor sentiment will improve.

According to PPS Investments, this may lead to:
Improved access to global capital.
A stronger Rand.
Increased interest in South African stocks
A better climate for the local property markets.

This change contributes to a more favourable view for South Africa's economy and investment landscape.


How do South Africa compares to other countries that was grey listed?
South Africa's 33-month stint on the grey list is comparable to other countries. Tanzania required 33 months, Nigeria 25 months, Mozambique 37 months, and Burkina Faso 57 months.

What's next?
South Africa is already planning for the next FATF mutual evaluation, which is scheduled for 2026-2027. The FIC states that, while leaving the grey list is a significant step forward, the country must continue to improve its mechanisms for combating financial crime.

Tax Season: Take advantage of your RA & TFSA

By Geo Botha • January 27, 2026
28 February marks the end of the tax year. If you have some extra funds available, this might be the perfect time to consider adding to your savings in a retirement annuity (RA) or tax-free savings account (TFSA), thereby enjoying the significant tax benefits these products offer. Below are the benefits of both an RA and a TFSA, as summarised by our partners at Ninety-One. As always, please contact your personal financial adviser to assist you in calculating the amount you can still contribute, as well as whether this will be best for your portfolio and personal situation: Why invest in an RA? 1. RAs can be viewed as gifts from the taxman. For example, at a 45% marginal tax rate, a deductible RA contribution of R100 000 can generate up to R45 000 in tax relief (within the limits). Tax will be applicable when the funds eventually pay out at retirement, but due to the tax-exempt portion of the lump sum, as well as the tax rebates for individuals over 65 and 75, you may pay less tax at that time. 2. You do not lose your tax benefits, even if you contribute more than the maximum annual tax deduction (excess contributions) If you contribute more than the maximum (excess contributions), your tax benefit will roll over to the next tax year of assessment. Any excess contributions in subsequent tax years will continue to be rolled over. This means that you could receive a tax benefit at retirement, after retirement, or your beneficiaries could benefit when you have passed away, as explained below. RA contributions and tax Before retirement When contributing to an RA, your maximum tax deduction for the year is the lesser of: R350 000 27.5% of the higher of remuneration or taxable income Taxable income excluding taxable capital gains At retirement If you elect to receive a lump sum: The remaining excess contributions will be paid out free of tax R550 000 could be tax-free – if not previously utilised After retirement Excess contributions remaining after your retirement are deductible from your compulsory annuity income for tax purposes (section 10C of the Income Tax Act). After you pass away If your beneficiary elects to receive the full death benefit, or a portion thereof, as a lump sum: The remaining excess contributions will be paid out free of tax R550 000 could be tax-free – if not previously utilised The tax deduction limit applies to the combined total of RA contributions and all member and employer contributions to workplace pension and provident funds. 3. You enjoy estate-planning benefits. An RA is exempt from estate duty. Please note that excess contributions may be included for estate duty purposes, to the extent that a lump sum is received. The growth on your excess contributions is not subject to estate duty – you can therefore effectively peg the value of your estate (similar to the benefit obtained from a trust, prior to the introduction of section 7C of the Income Tax Act). Over time, the value of excess contributions could be reduced, which would decrease the potential estate duty payable on these excess contributions. 4. No tax is deducted within the investment (no income tax, capital gains tax or dividend withholding tax). This means you will benefit even more from compounded growth. 5. You remain disciplined with your retirement savings. The two-pot retirement regime was introduced on 1 September 2024. This system allows members access to a small portion of their retirement savings before they retire, while preserving the remainder until retirement (unless one of the exceptions specified in the Income Tax Act applies). To achieve this, various notional components within a member’s retirement fund benefit or contract were created. These components are referred to as: The Vested Component The Savings Component The Retirement Component Members are able to withdraw from the Savings component once in a tax year. Withdrawals from the Savings component are subject to a minimum of R2 000 per withdrawal and are taxed at your marginal tax rate. 6. You have protection from creditors. This means your savings for your retirement will be available when you need them. Key considerations when investing in an RA RAs are subject to Regulation 28 investment limits. On the death of the investor, the Board of Trustees will have full discretion when deciding on a fair allocation of the benefit to dependants and/or nominees, in terms of section 37C of the Pension Funds Act. There are liquidity restrictions prior to reaching retirement age. This means that you will only have access to the funds in the Savings component before reaching the age of 55 (unless you qualify for one of the exceptions). Why invest in a TFSA? TFSAs are exempt from tax on interest, dividends and capital gains. There are no restrictions on withdrawals; however, if you replenish the funds withdrawn, this will count towards your annual and lifetime contribution limits. For this reason, these investments are generally more suited to long-term investing. TFSAs are a great way to save for your child’s education (be aware of donations tax if the annual exemption of R100 000 per donor is exceeded). Contributions No matter how many TFSAs you have with different product providers, the total combined value of your contributions may not exceed R36 000 per tax year and R500 000 over your lifetime. If you exceed these contribution limits, a penalty of 40% will apply on the amount contributed above the limit, which will be added to your tax assessment.

Five Financial Mistakes Doctors Commonly Make

By Ruvan Grobler • January 22, 2026
Medicine is built on precision, protocols, and evidence-based decisions. Financial life, unfortunately, is not. For many doctors, success arrives early in one area of life and much later in others—time, structure, and strategic planning often lag behind income. Over the years, a few patterns come up repeatedly when working with medical professionals. These are not mistakes born from ignorance or carelessness, but rather from being busy, successful, and focused on patients first. Here are five of the most common financial missteps doctors make—and why addressing them early can materially change long-term outcomes. 1. Being “Cash Heavy” Feels Safe… Until It Isn’t Holding large cash balances is often seen as prudent. Cash is liquid, familiar, and low-stress. For doctors with volatile workloads or private practices, this feels especially comforting. The problem? Cash is one of the most tax-inefficient assets for high earners. While interest income enjoys a modest annual exemption, anything above that threshold is taxed at your marginal rate. For many doctors, this means a significant portion of “safe” interest returns never actually reach them. Add inflation into the mix, and the real (after-tax, after-inflation) return on excess cash can quietly turn negative. Cash has a role—but without intention and limits, it often becomes a silent drag on long-term wealth. 2. Paying More Tax Than Necessary (Without Realising It) Doctors are among the most heavily taxed professionals in South Africa, yet tax planning is often treated as a once-a-year exercise rather than an integrated strategy. The issue isn’t usually under-reporting—it’s under-structuring. Different investment vehicles are taxed in very different ways. Income tax, capital gains tax, and dividend tax don’t just affect returns; they compound over time. Two portfolios with the same gross return can end up worlds apart after tax if they’re structured differently. When investment decisions are made in isolation—without considering tax, time horizon, and estate implications—the cost isn’t obvious in year one. It shows up quietly over decades. 3. Offshore Exposure: Opportunity or Overreaction? Global diversification is important. Offshore exposure can reduce concentration risk and unlock opportunities unavailable locally. However, many investors move money offshore without a clear strategy—often driven by headlines, fear, or currency anxiety rather than long-term planning. Key questions are frequently overlooked: How much offshore exposure is appropriate for your situation? Which structures are most efficient? How does this affect tax, liquidity, and future repatriation? Offshore investing isn’t a binary decision. The value lies in how, where, and through what structure exposure is obtained—not simply in moving money abroad. 4. Paying Everyone Else First Doctors are natural caregivers. Practices, staff, patients, families—everyone’s needs come first. Personal savings often come last. The data is clear: South Africa’s domestic savings rate remains worryingly low. Even among high earners, inconsistent or delayed personal investing is common. The risk isn’t lifestyle inflation—it’s time. Missed early contributions can’t be recovered later, no matter how high income becomes. Compounding rewards consistency, not intention. Paying yourself first isn’t about sacrifice; it’s about ensuring today’s success translates into future independence. 5. Using the Wrong Investment Structures This is arguably the most expensive mistake—and the least visible. Many doctors accumulate investments across multiple platforms, policies, and accounts over time. Each decision may have made sense in isolation, but together they can create inefficiencies around: Tax Access Estate planning Intergenerational transfer The structure holding the investment often matters as much as the investment itself. Over a 20- or 30-year horizon, the difference between “adequate” and “optimal” structuring can be substantial—even if the underlying returns are identical. The Common Thread None of these mistakes stem from poor decision-making. They stem from complexity, time pressure, and the reality that financial planning is a discipline of integration—not isolated choices. Income, tax, investments, offshore exposure, and estate planning don’t operate independently. When aligned, they reinforce one another. When they’re not, value leaks out quietly year after year. For professionals who spend their lives mastering complexity in one field, the challenge is recognising that financial clarity often requires the same level of specialised thinking. Because in finance—just like in medicine—the biggest risks are rarely the obvious ones. Ruvan J Grobler RFP™ (PGDip Financial Planning)