{"id":57336,"date":"2023-11-30T16:36:34","date_gmt":"2023-11-30T16:36:34","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-is-making-progress-getting-off-the-greylist"},"modified":"2023-11-30T17:42:24","modified_gmt":"2023-11-30T17:42:24","slug":"south-africa-is-making-progress-getting-off-the-greylist","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-is-making-progress-getting-off-the-greylist","title":{"rendered":"South Africa is making progress getting off the greylist"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>A new report by the Financial Action Task Force shows South Africa is making progress in its efforts to be removed from the global watchdog\u2019s dirty-money watchlist, the National Treasury said.<\/p>\n

South Africa was placed on the so-called grey list in February by the FATF to denote the country\u2019s shortcomings in tackling illicit financial flows and combating terror financing.<\/p>\n

The impact is still being felt, with the European Union adding South Africa to a group of high-risk countries in May.<\/p>\n

A FATF report showed it has formally re-rated 18 of South Africa\u2019s 20 deficiencies, the Treasury said in a statement on Wednesday.<\/p>\n

Of these, 15 were upgraded to be no longer deficient, 14 recommendations had been fully or largely complied with, and one was rated as not being applicable to South Africa.<\/p>\n

<\/p>\n

\u201cFollowing these re-ratings, South Africa is now deemed to be fully or largely compliant\u201d in 35 of FATF\u2019s 40 recommendations, including five of the watchdog\u2019s six core recommendations, the Treasury said.<\/p>\n

South Africa\u2019s addition to the grey list followed an era of endemic corruption \u2014 referred to locally as state capture \u2014 during former President Jacob Zuma\u2019s nine-year rule that\u2019s estimated to have seen the looting of at least R500 billion in taxpayer funds.<\/p>\n

Its inclusion requires that financial transactions with a South African component are subject to enhanced due diligence.<\/p>\n

\u201cWhile the immediate impact is higher processing, monitoring and reporting costs, the long-term consequence will be the reduction of South Africa\u2019s attractiveness as an investment destination,\u201d the central bank said in its latest Financial Stability Report on Wednesday.<\/p>\n

\u201cHowever, the risk is mitigated by the resilience of the financial sector, compliance with international regulatory standards and the efforts being made to address the adverse findings of the FATF.\u201d<\/p>\n

The Paris-based body has given South Africa until the end of January 2025, to address the shortcomings.<\/p>\n

Meeting the remaining targets will require \u201ca significant effort\u201d from all relevant authorities in South Africa, the Treasury said.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. A new report by the Financial Action Task Force shows South Africa is making progress in its efforts to be removed from the global watchdog\u2019s dirty-money watchlist, the National Treasury said. South Africa was placed on the so-called grey list in February by the FATF to denote the country\u2019s shortcomings in tackling […]<\/p>\n","protected":false},"author":84,"featured_media":57334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-57336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSouth Africa is making progress getting off the greylist - South Africa<\/title>\n<meta name=\"description\" content=\"A new report by the Financial Action Task Force shows South Africa is making progress in its efforts to be removed from ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-is-making-progress-getting-off-the-greylist\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Africa is making progress getting off the greylist\" \/>\n<meta property=\"og:description\" content=\"A new report by the Financial Action Task Force shows South Africa is making progress in its efforts to be removed from ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-is-making-progress-getting-off-the-greylist\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-30T16:36:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-30T17:42:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/11\/sm_1701353472.312782.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"672\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-is-making-progress-getting-off-the-greylist#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-is-making-progress-getting-off-the-greylist\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"South Africa is making progress getting off the greylist\",\"datePublished\":\"2023-11-30T16:36:34+00:00\",\"dateModified\":\"2023-11-30T17:42:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-is-making-progress-getting-off-the-greylist\"},\"wordCount\":348,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-is-making-progress-getting-off-the-greylist#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/11\/sm_1701353472.312782.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-is-making-progress-getting-off-the-greylist#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-is-making-progress-getting-off-the-greylist\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-is-making-progress-getting-off-the-greylist\",\"name\":\"South Africa is making progress getting off the greylist - 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