Africa-Press – South-Africa. South Africa has been removed from the Financial Action Task Force’s (FATF) grey list, the Treasury announced on Friday, 24 October.
Africa’s largest, most developed economy was placed on the list in 2023 for not complying with international standards around the prevention of money laundering and terrorist financing.
Speaking to Mandy Wiener, Business Leadership South Africa CEO Busi Mavuso says the development was made possible by accountability, collaboration between business and government, as well as a sustained effort by law enforcement.
She also commended the technical efforts by regulators, who made significant upgrades.
“It shows you that South Africa, when it comes to issues where we need to come together to solve some of our challenges, we did.”
Unless the correct, ethical political leadership is put in place, South Africa could find itself back on the list, says Mavuso.
“All of this rises and falls on the strength of leadership. It was the political leadership at the time that actually allowed the criminal syndicates to weaken the state.”
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