South Africa’s inclusion on the grey list puts the country on par with the likes of Syria, the Democratic Republic of Congo and South Sudan.
South Africa has been placed on a global financial watchdo’s so-called grey list denoting nations with shortcomings in tackling illicit financial flows, a move that scars the country’s international reputation and may raise costs for banks and asset managers.Nigeria, Africa’s largest economy, was also added to the list, it said.
The central bank has previously warned that grey-listing could have wide-reaching consequences for South Africa’s financial system, including triggering capital and currency outflows, and increasing transactional, administrative and funding costs for bank. In December, Ramaphosa signed two key pieces of legislation into law that addressed some of the concerns by the watchdog.
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.
BBC World Service - Africa Daily, Why is South Africa planning to decriminalize sex work?South Africa is changing the law on sex work, after years of debate about whether it should remain decriminalised. Africa Daily spoke to a sex worker about how this may change her life – as well as to politicians on both sides of the debate. 🎧 🎧
Read more »
South Africa: Parliamentary Speaker In First No Confidence Motion - South African News Briefs - February 23, 2023Parliamentary Speaker In First No Confidence Motion - South African News Briefs -... allafrica: SouthAfrica Parliamentaryspeaker EFF Sibanye mining Freddy lion
Read more »
South Africa: Mass Country Review - Murdered South African Rapper's Posthumous Album Is a Mixed BagAnalysis - Just weeks before being gunned down in what appeared to be a hit, the South African rapper AKA (Kiernan Forbes) had announced he was ready to release his new album, Mass Country. After his death, his family decided to go ahead and release the album on schedule as a tribute.
Read more »
Southern Africa: Cyclones in Southern Africa - Five Essential ReadsAnalysis - Tropical cyclone Freddy was, on 21 February 2023, bearing down on Mauritius and Madagascar. Mauritius grounded flights and, news agency Reuters reported, emergency teams in four regions of Madagascar were braced for "heavy rains, floods and landslides".
Read more »
South Africa’s bleak outlook – growth of only 1.4% over next three yearsSouth Africa’s growth outlook has deteriorated, with a growth of only 1.4% over the next three years.
Read more »