South Africa will soon hear if it is to join a list of countries considered to be performing poorly in the fight against major financial crimes, writes Busisiwe Mavuso.
South Africa is running out of time to avoid being greylisted by the international Financial Action Task Force . The efforts of key stakeholders to remedy the weaknesses in our regulatory regime identified by the FATF are encouraging but legislation needs to be urgently enacted and we have written to Parliament's financial committees asking that they accelerate this process.
South Africa will find out early next year whether the FATF will place it on a list of countries considered to be performing poorly in the fight against major financial crimes. In other words, if we don't get our act together by improving our ability to proactively pursue and prosecute money laundering and terrorist financing by February 2023, we could find ourselves on the FATF's grey list – with highly negative consequences.
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