President Cyril Ramaphosa argues that the country's greylisting is an opportunity to fight financial crimes.
The government has gone through a rigorous process of addressing the issues the FATF has raised, he said.
“Partnerships between government and the financial sector have played a valuable role in efforts to address serious economic crimes. The South Africa Anti-Money Laundering Integrated Task Force was set up in 2019 as a partnership between the banking sector and government regulatory authorities. Between the beginning of 2020 and the end of March 2022, successful interventions by the task force led to the preservation of criminal assets worth R86m.
He said since the dawn of democracy, the government has sought to build credible, independent institutions and implement effective laws to deal with complex financial crimes of this nature. The mutual evaluation was conducted in 2019, he said, when the country was emerging from the state capture era, which had a particularly detrimental impact on institutions like the South African Revenue Service , the National Prosecuting Authority and the Hawks.
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