It’s not clear what SA gains from being in Brics, and the addition of new members to the bloc has raised questions whether SA is serious about the greylist on which the Financial Action Task Force (FATF) placed it in February, says the CEO of SA’s most valuable banking group.

“If you stand back and look at it through hard economic eyes, I’m not sure the Brics construct makes a ton of sense for us,” FirstRand CEO Alan Pullinger said on Thursday. He added he was concerned that SA’s reputation as an investible economy is sliding and pointed out that one of the bloc’s new members, Iran, has been blacklisted by the FATF while another, the UAE, is also on the greylist...

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