Why are legal practitioners, who understand the legal implications of the country being on the greylist, not cooperating with the FIC?
of the Financial Action Task Force, with 40% of them failing to fill in the required forms. If all the casinos in the country can submit their forms, why are other sectors lagging behind?
When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “greylist”.Remaining on the greylist will lead to a stagnating economy as well as the degradation of the rand and make it harder to borrow money.
“The current low response levels mean that the country is unable to show sufficient progress in fully addressing the FATF-identified deficiency that DNFBPs are unable to identify their risks money laundering and terrorist financing abuse risks. With these levels of non-compliance, the FIC has already embarked upon issuing of notices of intention to sanction and fine.
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