22-04-2025
Poor money laundering controls keep SA on greylist
JOHANNESBURG - South Africa is inching close to satisfying the demands made by the Financial Action Task Force (FATF) as conditions to be removed from the Greylist.
In 2023, the FATF gave South Africa 22 action items that they felt needed to be fixed.
This to deal with concerns that the country didn't have sufficient strategies to stop money laundering, combat funding and facilitation of funding to terror and other tools to fight illegal or suspicious transactions.
But according to Frank Leonette, the CEO of Glorep only two items remain on that list though.
He says the first being the country must show some sort of sustained efforts to investigate money laundering, funding of terrosim and state capture as well as prosecute.
He says the country needs to prove that it can do so on a continuous basis and to make sure that the country's business sector follow suit and are on board with the initiative of the FATF.
