President Cyril Ramaphosa describes SA’s greylisting as ‘concerning, but less dire than some suggest’
The government has gone through a rigorous process of addressing the issues the FATF has raised, he said.
Ramaphosa said the strategic deficiencies identified by the task force did not relate directly to the country’s financial sector, and therefore its financial stability and costs of doing business with the country would not be “seriously impacted”. He said SA, like other countries, was dealing with the shifting sands of globalised crime and criminal syndicates, and thus welcomed the intensified monitoring by the FATF.
“During SA’s last regular mutual evaluation of its measures to combat money laundering and the financing of terrorism, a number of deficiencies were identified.”
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