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SOUTH AFRICA HAS BEEN GREY-LISTED
- 24 February 2023
- Financial Sector
- SA Legal Academy
The international Financial Action Task Force (FATF) has listed South Africa as ‘a jurisdiction under increased monitoring’. According to a National Treasury media statement, this means the country has been grey-listed – a move government had hoped recent changes to its anti-money laundering and counter-terrorism financing legislation would discourage.
Finance Minister Enoch Godongwana has assured FATF president Raja Kumar of government’s commitment to implementing and ‘action plan’ apparently recommended by the FATF. Its purpose is to address ‘all outstanding deficiencies’ in South Africa’s anti-money laundering and counter-terrorism financing regime, strengthening it where necessary.
No action plan interventions ‘relate directly to the preventive measures’ already in place across the financial sector – in National Treasury’s view reflecting the ‘significant progress’ made in applying ‘a risk-based approach to the supervision of banks and insurers’. Consequently, the increased monitoring now required ‘will have limited impact on financial stability and (the) cost of doing business with South Africa’.
Published by SA Legal Academy Policy Watch