South Africa will remain on the greylist of the Financial Action Task Force (FATF) due to its remaining strategic deficiencies, despite government's optimism that SA will be taken off the greylist by this year.
The FATF is an intergovernmental body established in 1989 by the ministers of its member jurisdictions to protect financial systems and the broader economy from threats of money laundering and the financing of terrorism and proliferation.
This is done to strengthen financial sector integrity and contributes to safety and security.
Jurisdictions under increased monitoring work with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing.
When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is known as the "greylist".
According to the outcomes of the FATF plenary held in Singapore over the past three days, SA made a high-level political commitment in February last year to work with the FATF and the eastern and southern Africa anti-money laundering group to strengthen the effectiveness of its anti-money laundering/combating the financing of terrorism regime.
Bu hikaye The Citizen dergisinin July 01, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Citizen dergisinin July 01, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
England feel the heat
SOUTHGATE: SEVERE PRESSURE TO CHANGE TACK AGAINST SWITZERLAND
Vinales breaks track record
Spaniard Maverick Vinales (above) broke the Sachsenring track record in yesterday's practice session ahead of tomorrow's German MotoGP, while Marc Marquez suffered a heavy fall.
Sainz admits suffering from stress
Ferrari's Carlos Sainz (right) said on Thursday that he is suffering from stress caused by the time-consuming task of finding a team for next season.
F1 rivals still mates
COLLISION: VERSTAPPEN & NORRIS MAKE UP AFTER AUSTRIAN GP DRAMA
Methodical new leader for Britain
He is centre-left party's most working-class leader.
Sailing with the Cape winds
All work and no play makes Jilly a silly girl - so this Jilly is counting the sleeps to her playtime before she goes truly dilly.
Biggest test ahead for GNU
Phew! The government of national unity (GNU) was almost stillborn.
No holiday for Joe Biden
Many Democrats hungry for a replacement.
Kinshasa's lack of public transport drives people mad
Cable car, urban rail link or ring road - Kinshasa has big plans for alleviating its traffic chaos but for now, travelling into the megacity remains a daily headache for millions of people.
'I am God's mistake...'
'I no longer had the world at my feet, so I hanged myself.'