Time is running out for SA to demonstrate that it has sufficient measures to tackle money laundering, terrorist financing, and other financial crimes. Failing to will mean the country could be “greylisted” in February 2023. Our panelists discuss this:
Child and Adolescent Mental Health: Finding SolutionsTime is running out for South Africa to demonstrate to the world that it has sufficient measures in place to tackle acts of money laundering, terrorist financing, and other financial crimes.
The country has to demonstrate this mainly to the Financial Action Task Force , a Paris-based intergovernmental body that assesses countries’ ability to combat illicit financial activity. The FATF gave South Africa until the end of November 2022 to come up with a credible plan to tackle deficiencies in its ability to prevent financial crimes, failing which the country could be “ means South Africa would join the ranks of nations with inadequate protections against money laundering and terrorist financing such asIt would be a reputational blow for South Africa.
-How will a greylisting impact South Africa’s economy, financial markets, and investment prospects? -And will consumers be negatively impacted by the greylisting over and above the rising cost of living?
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