South Africa Greylisted by the FATF

Its official, South Africa has been Greylisted.

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South Africa and Nigeria have both been placed on the Financial Action Task Force’s (FATF) Grey list. This is due to perceived shortcomings in both countries financial systems when it comes to combating financial crimes such as money laundering the financing of terrorism.

“When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed time frames,”

Financial Action Task Force

To read the full article, visit Businesstech’s article, ‘South Africa has officially been greylisted’.

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