National Treasury moves to avoid greylisting, but knows it's an uphill battle

On Monday, 29 August, the National Treasury announced a range of amendments to existing laws aimed at strengthening South Africa's commitment to fighting corruption, money laundering and terrorist financing.

By Ray Mahlaka

30 Aug 2022

Source: Pexels

The National Treasury has acknowledged that it will be difficult to demonstrate to the world that South Africa has sufficient measures in place to combat money laundering and terrorist financing activities, and avoid being ranked alongside high-risk countries such as Syria and Turkey.

The Paris-based Financial Action Task Force (FATF), an intergovernmental body that assesses countries’ ability to combat illicit financial activity, gave South Africa an October 2022 deadline to come up with a credible plan to tackle deficiencies in its laws to prevent money laundering and other financial crimes. Failure to do so will probably result in South Africa being placed on a greylist of high-risk countries when the FATF holds a follow-up review meeting in February 2023.

Read the original article on Daily Maverick.

Source: Daily Maverick

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