SA has been given 18 months to improve its capacity to track and prosecute money laundering and terrorist financing or face “greylisting” by the Financial Action Task Force (FATF), the international body that develops and monitors policy to combat financial flows of organised crime and terrorism.
Greylisting by the FATF would raise SA’s risk profile, place a question mark over its financial regulatory bodies and attach a higher risk premium to corresponding relationships between SA banks and international financial institutions. The high regard for SA’s financial regulation has for many years been a buffer against further credit ratings downgrades...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.