While no country would ever want to be on the Financial Action Task Force’s (FATF) ‘grey list’, falling foul of the group could kick-start and accelerate much-needed reforms to counter fraud, corruption and terrorism financing in South Africa.
James George, compliance manager at professional services group Compli-Serve SA, said that this is one of the more positive outcomes of falling onto the grey list, adding that these sweeping changes were seen in Mauritius, which was able to get off the list in under two years.
“Going grey was a good thing for Mauritius and could be for South Africa as well – enhancing defences against financial fraud in the process. There can be a positive outcome if we don’t make it, and if we look to the likes of Mauritius in dealing with the same grey reality.” With South Africa, from state capture to Steinhoff, the country is no stranger to its own issues and has been under FATF observation since October 2021. It now has until February 2023 year to show improvements in financial crime prevention, or else the grey list is an inevitable consequence.
Implementing a comprehensive risk-based supervision framework is another strategy to monitor financial institutions and designated non-financial businesses, such as real estate brokers, banking and securities, and jewellery stores.
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