Godongwana tells SA to prepare for greylisting

Perhaps the clearest sign that SA will be grey-listed is that government has already asked FATF to reassess SA’s compliance formally in June

Finance minister Enoch Godongwana has warned SA to prepare to join the ranks of Albania, South Sudan and Yemen, countries deemed to have inadequate antimoney laundering and terrorist financing controls.

The Financial Action Task Force , a Paris-based body that monitors countries’ efforts to comply with global AML/CFT standards, is set to decide on Friday evening whether SA will be placed on a list of countries it subjects to increased monitoring. Being added to FATF’s greylist will relegate SA to the ranks of the 23 jurisdictions it regards as having deficiencies in their regimes to counter illicit financial activity. ..

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BDliveSA /  🏆 12. in ZA

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