Treasury, Reserve Bank committed to working with FATF after greylisting
National Treasury and the South African Reserve Bank (SARB) have conveyed their intention to work with the Financial Action Task Force (FATF) after South Africa was greylisted by the intergovernmental body.
The Paris-based anti-money laundering watchdog added South Africa to its list of countries that will be monitored to ensure the implementation of anti-money laundering and terrorism-funding regulations.
The greylisted countries include Nigeria, Turkey, Yemen, Cambodia, South Sudan, Mali, Morocco, Myanmar, Panama, and the Philippines.
The global watchdog published an updated list on Friday.
National Treasury says Finance Minister Enoch Godongwana is committed to actively working with the watchdog to swiftly and effectively address all outstanding deficiencies.
“Government recognises that addressing the action items will be in the interest of South Africa and that doing so is consistent with our existing commitment to rebuild the institutions that were weakened during the period of state capture, the effectiveness of which is essential to addressing crime and corruption.”
Meanwhile, the SARB says it acknowledges the decision of the Financial Action Task Force (FATF).
“The SARB has a zero-tolerance approach when addressing the abuse of the financial system by money launderers or terrorist financiers. The SARB reaffirms its strong commitment to disrupt money laundering, the financing of terrorism and proliferation through the enhancement of its supervisory activities.”
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