South Africa provides fertile ground for money laundering and terrorism funding.The Financial Action Task Force has placed South Africa on a list of countries under increased monitoring, commonly known as the grey list, after it failed to address all the shortcomings on money laundering and the financing of terrorism the task force identified in its 2019 evaluation of the country.
The decision has serious implications for the country, more specifically its financial services sector and ability to attract investment. The Conversation Africa’s political editor Thabo Leshilo talks to Philippe Burger, an economics professor and dean of the faculty of economic and management sciences at the University of the Free State, about what the greylisting means for South Africa.
With the recent history of state capture for private gain by individuals, the onus is on government to show it is serious about implementing effective legislation and mechanisms to combat money laundering and terrorist fundingGreylisting refers to a country being placed on a list of countries under increased monitoring by the Financial Action Task Force , the global money laundering and terrorist financing watchdog.
South Africa has been placed on FATF’s grey list because it does not have sufficient mechanisms to monitor and combat money laundering and terrorist financing activities.
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SA greylisted for not stopping money laundering and terrorism funding — what it meansWith the recent history of state capture for private gain by individuals, the onus will be on government to show it is serious about implementing effective legislation and mechanisms to combat money laundering and terrorist funding.
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