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...

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