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The Financial Action Task Force is a global money laundering and terrorist financing watchdog established in 1989 by the G7. It maintains a list of those countries whose controls of money laundering, cross-border financing and other related matters are inadequate. This list is known as the "grey list". South Africa was "grey listed" in March 2023 and became only the second G20 country after Nigeria to become so listed. The listing is highly embarrassing and may impact on the country's ability to attract foreign direct investment (FDI). It will take between 1 and 3 years to get off the list provided the necessary additional controls are implemented.