The US treasury secretary says the move aims to boost data sharing between SA and US financial intelligence units and to lift controls to fight money laundering and terrorist financing
Yellen said the US treasury already worked alongside SA with FATF to identify indicators associated with money laundering and wildlife trafficking, but “much more” could be done to crack down on the illegal money flows associated.
This included identifying and seizing the proceeds generated from the illegal wildlife trade and impeding the money laundering and cross-border transactions of transnational criminal organisations often involved in corruption, she said. “To make an impact against this harmful crime and the illicit financing that accompanies it, we must use this as an opportunity to build a consistent and durable approach,” said Yellen, who was to meet President Cyril Ramaphosa later on Wednesday and top finance officials on Thursday.
SA is the last stop on Yellen’s three-country tour of Africa, part of the Biden administration’s push to deepen US-Africa economic ties and provide a counterweight to China, which has been dominating trade and investment on the continent. US ambassador to the UN Linda Thomas-Greenfield is expected in Ghana on Wednesday, starting her three-nation African tour focusing on regional security issues and strengthening food security.
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