Rushed legislation to avoid greylisting betrays a weakened law-making regime
There has been a flurry of activity in the last two months, as parliamentary committees requested and considered submissions on amendment bills introduced in a desperate attempt to avoid greylisting from the Financial Action Task Force (FATF).
The FATF is an international organisation tasked with developing policies to combat money laundering and terrorism financing. The FATF maintains a black list and a grey list which have led financial institutions to shift resources and services away from the listed countries, and thereby motivated governments to introduce regulations that are compliant.
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