South Africa’s financial crime landscape is shaped by a stark contrast between a strong legal framework and persistently weak enforcement. While the country has made notable legislative strides — including reforms to its AML/CFT regime and beneficial ownership requirements — systemic vulnerabilities remain, largely driven by entrenched corruption, fragmented regulatory supervision, and under-resourced law enforcement. The political and economic environment presents a fertile ground for financial crime. Corruption and bribery risks are particularly acute in public procurement and state-owned enterprises, with repeated highprofile scandals exposing weaknesses in oversight and accountability. South Africa’s role as a regional financial hub, combined with its sophisticated financial sector and extensive mineral wealth, also makes it a conduit for illicit cross-border flows. Organised criminal groups exploit trade routes, mining operations, and the financial system to facilitate money laundering, trafficking of wildlife, drugs, and arms, and illicit gold trade.