South Africa on FATF grey list
South Africa has been grey listed by the Financial Action Task Force (FATF) after considering protection mechanisms employed against ensuring South Africa is not used as a money laundering, terror funding, or proliferation financing jurisdiction. What does that mean to us in reality? The FATF is a global inter-governmental body, that promotes policies of good governance and sets international standards relating to the combating of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction and biological weapons. There are currently 39 members of the FATF: 37 jurisdictions (including South Africa as a member state) and two regional organisations (the Gulf Cooperation Council and the European Commission). 22 countries, including South Africa, currently appear on the FATF grey list for not having adequate controls in place to efficiently combat and report on these “nefarious“ practices. ... Read More
