International financial crime watchdog the Financial Action Task Force (FATF) said on Friday it was adding South Africa and Nigeria to its so-called 'grey list' of countries under special scrutiny to implement standards to prevent money laundering and terrorism financing.
Cars drive past Nigerian national flags in Abuja, Nigeria June 12, 2021. REUTERS/Afolabi Sotunde
PARIS/JOHANNESBURG, Feb 24 - International financial crime watchdog the Financial Action Task Force said on Friday it was adding South Africa and Nigeria to its so-called "grey list" of countries under special scrutiny to implement standards to prevent money laundering and terrorism financing. The FATF is an inter-governmental organisation that underpins the fight against money laundering and terrorism financing by setting global standards and checking if countries respect them.Being added to the grey list is a reputational setback for the South African government, which has been trying to address shortcomings identified by the FATF.
Analysts say it could also mean South African clients at international financial institutions will be subject to enhanced due diligence checks. It could also complicate South African attempts to access funding and support from multilateral development institutions and official lenders.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia denies plans to test new missile off South AfricaThe Russian military denied Wednesday that it was planning to test its new Zircon hypersonic missiles during naval drills off the coast of South Africa this week that will coincide with the one-year anniversary of the invasion of Ukraine.
Read more »
Giant ancient fish that likely preyed on humans' ancestors unearthed in South AfricaResearchers in South Africa have unearthed 360 million-year-old fossils belonging to a newly described voracious fish species that preyed on our ancestors.
Read more »
Russia denies plans to test new missile off South AfricaJOHANNESBURG (AP) — The Russian military denied Wednesday that it was planning to test its new Zircon hypersonic missiles during naval drills off the coast of South Africa this week that will coincide with the one-year anniversary of the invasion of Ukraine.
Read more »
James Joseph, U.S. envoy to South Africa during Mandela years, dies at 87James Joseph, a former civil rights activist who served as U.S. ambassador to South Africa while the country’s first Black leader, Nelson Mandela, sought Western help in rebuilding a battered economy and battling the AIDS crisis, died Feb. 17.
Read more »
Loyola Academy girls advance; Maine South eliminates Glenbrook SouthAt New Trier's 4A girls basketball sectional semifinals, Loyola beats York to face Maine South, the winner over Glenbrook South.
Read more »
Xbox expands sharable Game Pass plan to six new countriesNow available in New Zealand, South Africa, Chile, Hungary, Israel, and Sweden.
Read more »