Avoiding the greylist is not up to the Treasury alone, says Nedbank CEO Mike Brown
Brown believes it is possible to avoid being greylisted, but much of the work is out of the Treasury’s hands
Nedbank CEO Mike Brown says the prospect of SA being greylisted by the Financial Action Task Force (FATF) when it decides on the matter in early 2023 is “too close to call”, though he believes the effect of such an action has probably already been priced in by markets.
The Paris-based FATF, an intergovernmental body that assesses countries’ ability to combat illicit financial activity, gave SA until October 2022 to come up with a credible plan to tackle deficiencies in its ability to prevent financial crimes. Failure to do so will probably result in SA being placed on a greylist of high-risk countries when the group holds a follow-up review meeting in February 2023...
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