On the Money
STUART THEOBALD: SA must act fast not to fade to grey
The question of greylisting by the Financial Action Task Force (FATF) must turn to how quickly SA can get off the grey list and mitigate the impact while on it. The chances of avoiding greylisting are dwindling, and SA is set to become the most sophisticated economy yet to be greylisted when the FATF plenary meets in February 2023.
Greylisting will mean that any SA company (and individual) that transacts with international counterparts will find itself subject to enhanced due diligence. The EU is particularly stringent in its response — it designates countries on the grey list as high risk and requires member states to require entities to apply “additional mitigating measures”, including enhanced due diligence. ..
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