CATEGORIES
- (27)Agriculture, Land Reform & Rural Development
- (24)Auditors & Accountants
- (6)Broad-based Black Economic Empowerment
- (5)Built Environment
- (55)Communications & Digital Technologies
- (2)Company Law
- (2)Consumer Law
- (10)Courts
- (2)Criminal Law
- (1)Cybercrimes
- (2)Disaster Management
- (11)Education & Training
- (4)Electoral Law
- (90)Environmental Law
- (4)Family Law
- (132)Financial Sector
- (3)Fisheries & Aquaculture
- (5)General Interest
- (18)Health & Safety
- (22)Home Affairs
- (3)Housing
- (14)In the Spotlight
- (1)International Co-operation
- (74)Justice & Constitutional Development
- (50)Labour Law
- (16)Legal Practice Council
- (18)Local Government
- (23)Minerals & Energy
- (1)Monetary Policy
- (1)National Development Plan
- (16)National Treasury
- (63)New Legislation
- (12)Opportunities for Public Comment
- (6)POPIA
- (276)Parliament
- (1)Practice Management
- (4)Presidency
- (13)Property Law
- (8)Public Service
- (3)Retirement Reform
- (13)Road Accident Fund
- (21)Safety and Security
- (7)Small Business Development
- (21)Social Development
- (9)Sport, Arts & Culture
- (14)State Owned Enterprises
- (4)State of Disaster (energy)
- (18)Taxation
- (7)Tourism
- (61)Trade, Industry & Competition
- (35)Transport
- (15)Water & Sanitation
- Show All
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