The possibility of South Africa being greylisted by the Financial Action Task Force (FATF) could make doing business with the country even tougher.
that if the country is deemed a high-risk jurisdiction to transact, anyone wanting to do business with South Africa will need to jump through an additional layer of compliance hoops.
According to Nedbank’s Interim Results presentation for 2022, the government has before October of this year to demonstrate that it has a credible plan to address its deficiencies – failing to do so would result in the country being greylisted in February of next year. The acting director-general of the Treasury, Ismail Momoniat, said that changing the laws will be tough but doable – however, difficulty may arise in that most of the measures relating to the deficiencies concern the investigation and prosecution of financial crimes.
Mike Brown, the CEO of Nedbank, said that it is not up to the Treasury to tackle the possible greylisting alone.
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