The Reserve Bank governor has high hopes that South Africa will meet its targets to be taken off the international financial crime watchdog’s grey list.
South Africa’s Reserve Bank governor, Lesetja Kganyago, says he is confident the country will be removed from international financial crime watchdog FATF’s “grey list” next year.
“We feel confident that South Africa will be removed from the grey list by the next review date, in 2025, given the fixes we are implementing,” said Kganyago in an address to the Financial Sector Conduct Authority industry conference on Wednesday .“The lesson is that joint efforts are required to look after the integrity of South Africa’s financial system – we all suffer when this is compromised,” he added.
“FATF also criticised South Africa’s failure to show serious commitment to prosecuting individuals linked to state capture,” explained Peter Fabricius in“We got this ‘high risk’ designation partly because of poor conduct by institutions and because of the exploitation of vulnerabilities in the existing financial frameworks relating to anti-money-laundering regulations,” explained the Reserve Bank governor.
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