South Africa’s central bank governor said on Wednesday that he was confident the country would be removed from an international financial crime watchdog’s “grey list” next year, given the work that is under way to fix identified issues. The International Financial Action Task Force last year placed South Africa on a “grey list” of countries under special scrutiny over implementing standards to prevent money laundering and terrorism financing.
The lesson is that joint efforts are required to look after the integrity of South Africa’s financial system. We all suffer when this is compromised,” he said. Last month, the National Treasury said the task force confirmed that five of 22 actions it had identified had been addressed or largely addressed, but that it would be a challenge to address all remaining 17 items by February 2025, when the task force conducts its next review.
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