SA is in grave danger of being added to a grey list of countries deemed as having insufficient measures in place to combat money laundering and terrorist financing — but the National Treasury says it is confident the country can perform a “miracle” and avoid being ranked alongside Syria and Myanmar.
The Paris-headquartered Financial Action Task Force (FATF), an intergovernmental body that sets standards for combating illicit financial activity, gave SA 18 months to address specific shortcomings in its ability to prevent financial crimes, which were outlined in a mutual evaluation report published in October 2021...
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