South Africa tries to get rid of greylisting status
The Financial Intelligence Centre (FIC) says work to get South Africa off the greylist is under way.
About two weeks ago the Financial Action Task Force, a global financial watchdog, announced that South Africa had been greylisted.
This is because the country had not been able to sufficiently demonstrate that it had complied with international standards in terms of combating anti-money laundering and terrorist financing.
Financial Intelligence Centre Director, Advocate Xolisile Khanyile, says they have kept a number of industries under their watch.
“With the recent amendments there are a number of sectors that are now going to be supervised by the FIC. Those are the sectors that we call non-designated financials and professionals. Such as your accountants, your estate agents, your lawyers that are supervising those are the new sectors that will now be supervising and National Treasury has already given us funding to really get people that are really going to assist us with that supervision.”
President Cyril Ramaphosa expressed concern at the country’s greylisting. He added that he was optimistic that the National Treasury’s efforts to address the deficiencies raised by the FATF would result in South Africa’s removal from the greylist.
Source: SABC News (sabcnews.com)