The South African government has responded to being greylisted.
The South African government has “noted” the Financial Action Task Force’s decision to list the country as a “jurisdiction under increased monitoring” – or more commonly referred to as FATF’s “grey list”.
“Following engagements with FATF, it assessed that the country needed to make further and sustained progress in addressing the eight areas of strategic deficiencies related to the effective implementation of South Africa’s Anti-Money Laundering/Combating the Financing of Terrorism laws as set out in the FATF’s statement,” it said.
Improve risk-based supervision of Designated Non-Financial Businesses and Professions and demonstrating that all AML/CFT supervisors apply effective, proportionate, and effective sanctions for noncompliance; Demonstrate a sustained increase in investigations and prosecutions of serious and complex money laundering and the full range of TF activities in line with its risk profile;
Ensure the effective implementation of targeted financial sanctions and demonstrating an effective mechanism to identify individuals and entities that meet the criteria for domestic designation. “Government recognises that addressing the action items will be in the interest of South Africa, and that doing so is consistent with our existing commitment to rebuild the institutions that were weakened during the period of state capture, the effectiveness of which is essential to addressing crime and corruption,” Treasury said.
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