South Africa's National Treasury Optimistic About Leaving FATF Greylist
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Synopsis
The National Treasury of South Africa is optimistic about potentially exiting the FATF grey list due to significant progress made in addressing money laundering concerns, with ongoing efforts aimed at solidifying improvements in its regulatory framework.
Key Takeaways
- South Africa's National Treasury is optimistic about exiting the FATF grey list.
- 20 out of 22 action items have been successfully addressed.
- Improvement efforts are critical for combating crime and corruption.
- Ongoing collaboration with FATF and regional groups is essential.
- Remaining issues focus on serious money laundering and terror financing.
Johannesburg, Feb 25 (NationPress) The National Treasury of South Africa has conveyed a positive outlook regarding its potential exit from the Financial Action Task Force (FATF) grey list for money laundering, nearly two years after its initial inclusion due to concerns over these activities.
Ismail Momoniat, the special advisor at the National Treasury, stated on Monday that the nation has been granted an additional cycle to demonstrate ongoing improvements. 'The FATF assessors were pleased with the strides we've made. They expect South Africa to continue advancing,' he mentioned during an interview with the South African Broadcasting Corporation.
Previously, the National Treasury acknowledged the progress made, which positions South Africa to 'be considered for removal from the FATF grey list in October.'
'Our investigation and prosecution teams are collaborating closely under a prosecution-guided investigation strategy to showcase the sustained progress required by the FATF. These advancements are essential not only for exiting the grey list but also for bolstering the fight against crime and corruption,' the statement added.
As per a recent announcement by the FATF, South Africa has addressed 20 out of 22 action items outlined in its improvement plan, as reported by Xinhua.
The two outstanding items, which involve investigating and prosecuting serious and complex money laundering and terror financing activities, are anticipated to be tackled during the March-to-June reporting period.
South Africa was placed on the FATF grey list in February 2023 due to weaknesses in its anti-money laundering and combating the financing of terrorism framework. The country has been actively collaborating with the FATF and the Eastern and Southern Africa Anti-Money Laundering Group to enhance its regulatory framework over the years.
