Companies will do well to engage with foreign entities in order to manage the additional due diligence to follow
While the decision by the Financial Action Task Force to greylist SA was expected when it was announced on Friday — markets had largely priced in the news — it still is yet another self-inflicted blow to our country’s reputation as an investment destination.
According to a Business Leadership SA report released last year, the economic impact of greylisting is primarily from the increase in cross-border payment transaction costs as financial firms, including banks, apply enhanced due diligence to any SA client. This will mean a more invasive and extensive process of assessing the source of funds and the probity of clients, although many of these firms are already doing it. ..
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