The South African Reserve Bank has flagged an upcoming Financial Action Task Force meeting as an emerging risk for the country, with the outcome important for how the rest of the financial world sees the country.
The South African Reserve Bank has flagged an upcoming Financial Action Task Force meeting as an emerging risk, with the outcome important for how the rest of the financial world sees the country.
While the report was not overtly negative, it did flag ‘significant shortcomings’ with the current system which it said regulators in South Africa urgently need to address. The progress South Africa has made in deficiencies over the last year will be determined by the end of October when the observation period ends, with a meeting scheduled to take place in February 2023.
“This could have wide-reaching consequences for the South African financial system from a broader reputational risk perspective, and for the banking sector in particular in terms of funding costs and the ability to maintain correspondent banking relationships,” the Reserve Bank said.Ninety-One chief executive Hendrik Du Toit said his biggest worry is the possibility of South Africa joining the global money-laundering watchdog’s ‘grey list’.
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