B4SA, a business group in South Africa, expressed confidence that the country is on track to be removed from the Financial Action Task Force (FATF) greylist by next year.
This announcement follows a meeting with President Cyril Ramaphosa, where he provided an update on the country’s key priorities, including strengthening financial solutions.
The target set by the Treasury earlier this year is to implement measures in the anti-money laundering and combating the financing of terrorism regime by 2025. In order to exit the FATF greylist, South Africa needs to address all 22 requirements.
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Martin Kingston, Chairman of the B4SA steering committee, identified Eskom as one of the reasons why South Africa remains on the list.
Kingston emphasized the importance of meeting the targets set for removing South Africa from the greylist and highlighted the need to advance 20 high-priority complex TPCI (Trade-Based Money Laundering, Corruption, and Illicit Financial Flows) cases in a specific and clear manner.
In May of last year, Finance Minister Enoch Godongwana announced that R265 million would be allocated to the Financial Intelligence Centre over the medium term to help South Africa get off the greylist.
With the government’s commitment and the cooperation of the business sector, South Africa is optimistic about its prospects of being removed from the FATF greylist shortly.
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