South Africa still on the FATF grey list
Money laundering
South Africa was added to the FATF's grey list in February, putting the country in the company of Syria, Haiti and Yemen.
South Africa still has plenty of work to do to get itself off the Financial Action Task Force's (FATF) grey list.
The Paris-based watchdog, which sets global standards to combat money laundering and terrorist financing, said on Friday that while South Africa had taken some steps to improve compliance, more needed to be done.
South Africa was added to the FATF's grey list in February, putting the country in the company of Syria, Haiti and Yemen.
Grey listing means that, according to the FATF, South Africa is not fully compliant with anti-money laundering and terrorist financing standards.
At the time, the finance ministry said the country would work to "swiftly and effectively address all outstanding deficiencies and strengthen the effectiveness of its anti-money laundering and counter-terrorist financing regime".
The FATF said South Africa still needed to show it could investigate and prosecute complex money laundering cases, work with global partners on money laundering cases, and impose sanctions for non-compliance.
The watchdog said South Africa authorities still needed a way to quickly access beneficial ownership information. Law enforcement also needs to show it is talking to the Financial Intelligence Centre and using the financial information it provides.
In addition, the task force wants to see proof of South Africa authorities seizing and confiscating the proceeds of major crimes in line with the country's risk profile.
To be removed from the FATF's grey list, countries must complete an action plan agreed to with the watchdog.
The FATF then conducts an on-site assessment, after which the task force votes on removing the country from the index.
Given that the FATF has not yet announced that South Africa has completed its action plan, the country will likely stay on the grey list for the next year.-Fin24
The Paris-based watchdog, which sets global standards to combat money laundering and terrorist financing, said on Friday that while South Africa had taken some steps to improve compliance, more needed to be done.
South Africa was added to the FATF's grey list in February, putting the country in the company of Syria, Haiti and Yemen.
Grey listing means that, according to the FATF, South Africa is not fully compliant with anti-money laundering and terrorist financing standards.
At the time, the finance ministry said the country would work to "swiftly and effectively address all outstanding deficiencies and strengthen the effectiveness of its anti-money laundering and counter-terrorist financing regime".
The FATF said South Africa still needed to show it could investigate and prosecute complex money laundering cases, work with global partners on money laundering cases, and impose sanctions for non-compliance.
The watchdog said South Africa authorities still needed a way to quickly access beneficial ownership information. Law enforcement also needs to show it is talking to the Financial Intelligence Centre and using the financial information it provides.
In addition, the task force wants to see proof of South Africa authorities seizing and confiscating the proceeds of major crimes in line with the country's risk profile.
To be removed from the FATF's grey list, countries must complete an action plan agreed to with the watchdog.
The FATF then conducts an on-site assessment, after which the task force votes on removing the country from the index.
Given that the FATF has not yet announced that South Africa has completed its action plan, the country will likely stay on the grey list for the next year.-Fin24
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