South Africa is under watch and will be judged next month
Intellidex co-founder and chairman, Stuart Theobald, said that chances of South Africa avoiding the greylisting are dwindling, and even if reforms from National Treasury take place in time, other departments and agencies that need to take action have so far been incredibly slow to act.
South Africa’s law enforcement agencies were found to be wanting in a skillset and competency level in relation to investigating money laundering and terrorist financing cases – and the country’s capacity to prosecute such matters has also been brought into question. “The EU is particularly stringent in its response — it designates countries on the grey list as high risk and requires member states to require entities to apply ‘additional mitigating measures’, including enhanced due diligence,” Theobald said.
“While the EU is explicit in this requirement, many other jurisdictions also use FATF greylisting as a factor for risk assessment, and many global banks incorporate it into their risk analysis too.”
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.
Four major new trends for South African shopping mallsFour major new trends for South African shopping malls Here are four major new trends for SA shopping malls after Covid-19 and lockdown have changed the shopping landscapes.
Read more »
South African rand strengthens as dollar dips; stocks riseSouth Africa's rand strengthened on Friday after the dollar fell ahead of a U.S. inflation report that could determine the size of the Federal Reserve's rate hike at this month's policy meeting.
Read more »
How South African Bradley Fried became one the last people knighted by Queen Elizabeth | BusinessinsiderCape Town-born banker Bradley Fried appeared on the final Birthday Honours list issued by Queen Elizabeth II, in part thanks to Covid-19.
Read more »
South African police tell developers to work with construction mafiasDevelopers say South Africa’s police force has been useless in trying to help them fight construction mafias.
Read more »
Three sisters launch low-cost Wi-Fi in townships using South African techThree sisters are using technology developed in South Africa to offer affordable wireless Internet in townships.
Read more »
Billionaire wants to buy South African airports: reportThe billionaire said he saw the opportunity to save government-owned airports and turn them into successful money-making enterprises.
Read more »