South Africa was greylisted due to endemic corruption and the impact of greylisting on the country’s financial system makes it clear why government should get its act together to end it as soon as possible.
The Financial Action Task Force greylisted South Africa in February, due to its failure to comply with FATF standards and measures to combat illicit financial flows, terrorist funding and potential threats to the integrity of the global financial system.
“While this will not immediately affect the current credit ratings that are already low, failure to meet the deadlines set by the FATF may induce ratings agencies to downgrade the country even further,” Botes warns.Greylisting subjects the financial services sector to increased scrutiny and stricter regulations to ensure that it addresses the deficiencies in its anti-money laundering and counterterrorism financing systems.
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