💰South Africa has been greylisted 😯 by money laundering and terrorist financing watchdog FATF, the country will now face increased monitoring for not doing enough to combat money laundering and anti-terrorism funding 🥷 greylisting TheCitizenNews⬇️
“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. New jurisdictions subject to increased monitoring are South Africa and Nigeria.”The greylisting is likely to see South Africa’s GDP take a hit. Usually grey-listed nations see less foreign investment coming into the country.
This means the country, its companies and businesspeople will face more due diligence processes and expected to pay increased costs.
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