Addressing regulatory weaknesses should keep SA off the Financial Action Task Force’s list of nations that require greater oversight
The head of the National Treasury said he is “pretty confident” SA will have addressed regulatory weaknesses in its money-laundering controls by year-end, a move that should help avert its inclusion on a global watchdog’s list of nations that are subjected to greater oversight due to their shortcomings in tackling illicit finance.
“Changing our laws and regulations will be tough, but that’s the easy part,” Momoniat said. “The tough part comes in that six of those measures are related to how we investigate such crimes — whether we have enough prosecutions on money-laundering, whether we deal with terror financing when people are designated by the UN or by other measures — and so in our criminal justice sector, we have to have a significant turnaround in terms of effectiveness”.
The Reserve Bank has previously warned the classification could have wide-reaching consequences for SA’s financial system. Besides causing it reputational damage, it could lead to capital and currency outflows, and transactional, administrative and funding costs for banks could increase, the Bank said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
It'll be a miracle if SA escapes global money-laundering watchdog's greylist, says Treasury | Fin24SA has weak controls to prevent and prosecute money laundering and terrorism financing and it performed poorly in an evaluation by Financial Action Task Force. If SA's does meet FATF requirements it could be greylisted in February,.
Read more »
South Africa aiming to stay off global ‘grey list’The head of South Africa’s National Treasury said he is “pretty confident” the country will have addressed regulatory weaknesses in its money-laundering controls by year-end, a move that should help avert its inclusion on a global watchdog’s list of nations that are subjected to greater oversight due to their shortcomings in tackling illicit finance.
Read more »
Israel could not link Bobroff millions to crime in SAThe Israeli’s inability to draw a link is despite the SCA ruling in May 2021 that the money the Israelis froze was the proceeds of crime and must be forfeited to the state. Moneyweb finance
Read more »
Israel could not link Bobroff millions to crime in SA | The CitizenIt subsequently instituted money laundering investigation proceedings.
Read more »
R192 million fraud, money laundering - Interpol SA arrests Nigerian national in Sandton - South Africa TodayInterpol South Africa has arrested a 28-year-old Nigerian national who is believed to be part of a cybercrime ring involved in phishing, internet scams and money laundering. Mr James Junior Aliyu was arrested at an upmarket estate in Sandton, Johannesburg, earlier this week following a takedown operation. Just after 10:00 on Wednesday, 29 June 2022, […]
Read more »
Springboks to end 2022 with 4 Tests, midweek game against Bristol Bears confirmed | SportThe Springboks have confirmed fixtures for their year-end European tour. | Sport24news
Read more »