SA working around the clock to address FATF concerns - SARB
In the latest review made last month in a meeting in Singapore, the global financial watchdog announced that South Africa still had not done enough to trump the illicit flow of money.
- South African Reserve Bank (SARB)
- Financial Action Task Force (FATF)
- South African Reserve Bank Governor Lesetja Kganyago
FILE: South African Reserve Bank (SARB) Governor Lesetja Kganyago. Picture: Karabo Tebele/702
JOHANNESBURG - With South Africa eyeing an exit from the grey list by 2025, the reserve bank said it's working around the clock to address concerns raised by the Financial Action Task Force (FATF).
In 2023, South Africa was the second G20 nation, after Turkiye, to be greylisted amid concerns of poor controls to prevent money laundering and terrorist financing.
In the latest review made last month in a meeting in Singapore, the global financial watchdog announced that South Africa still had not done enough to trump the illicit flow of money.
Speaking at the reserve bank’s annual general meeting on Tuesday, Governor Lesetja Kganyago said that work was being done to address the 14 outstanding items on the action plan.
"South Africa is left with two reporting cycles, in September 2024 and January 2025, in terms of the action plan."