Our intention is to get South Africa off the grey list, says Ramaphosa: The cabinet has established an interdepartmental committee to ensure South Africa continues to address issues raised by the Financial Action Task Force, President Cyril Ramaphosa…
Ramaphosa said in 2019 the country underwent a mutual evaluation of its anti-money laundering and combating of the financing of terrorism system.“The evaluation was undertaken with the Financial Action Task Force, which is a global body that aims to tackle global money laundering and terrorist financing.“Since the publication of the mutual evaluation report in October 2021, government has been working with its various authorities to address the deficiencies that were identified in the report.
He said the institution acknowledged in its February 2023 plenary media statement the significant progress made by South Africa to address most of the 67 recommended actions identified in the mutual evaluation.Such progress, said Ramaphosa, included the passage of two key acts at the end of December 2022, namely:the Protection of Constitutional Democracy Against Terrorism and Related Activities Amendment Act.“As a result, our agreed action plan has now been reduced to eight focus areas.
Along the way it was discovered there were gaps and that’s why, he said, the government moved with speed to have the two amendments effected. “Treasury is leading the process, the Presidency is also involved in making sure that we move with greater speed and various other institutions, including the fusion centre.”Ramaphosa was asked how he could be trusted after the Phala Phala matter and said it was being investigated by various law enforcement agencies.
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