[ADVISOR VIEW] If SA is greylisted, it will necessitate greater enhanced due diligence on South Africans and businesses and more frequent and intrusive evaluations for anti-money laundering: MichaelHaldane - GlobalLocalZA. Economy Finance
The word greylisting has been making some rounds in various prominent media outlets in recent times. But what does greylisting mean? What economic impact will it have on South Africa’s economy? What will greylisting do? Well, this article intends to render a comprehensive perspective of this buzzword among others that we heard so far this year, albeit with less frequency relative to other buzzwords like Fed pivot, inflation, interest rate hikes, quantitative tightening etc.
According to the Paris-based Financial Action Task Force , a global body that oversees compliance with anti-money laundering and counter-terrorism financing measures, South Africa was found to be partially compliant or noncompliant with 20 of FATF’s 40 recommendations. This is regardless of South Africa’s well-regulated financial system which plays part in both domestic and global transactions.
If this occurs, it will necessitate greater enhanced due diligence on South African individuals and businesses alike, as well as more frequent and intrusive evaluations for anti-money laundering and terrorism funding risks.
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