BREAKING: South Africa has been greylisted by global anti-money laundering watchdog the Financial Action Task Force FATF
South Africa has been greylisted by global anti-money laundering watchdog the Financial Action Task Force , it was confirmed in an update on its website on Friday. This is for failing to adequately tackle illicit financial flows, through the relevant legislation and measures to prevent possible money laundering and terror-financing. The country has been greylisted together with fellow African nation Nigeria, and will face being under further scrutiny by the FATF.
“When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes,” it added. The rand was 0.31% weaker at R18.41 by 13:41.
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