{"id":71997,"date":"2024-08-10T17:31:44","date_gmt":"2024-08-10T17:31:44","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-big-push-to-get-off-the-grey-list"},"modified":"2024-08-10T17:43:23","modified_gmt":"2024-08-10T17:43:23","slug":"south-africas-big-push-to-get-off-the-grey-list","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-big-push-to-get-off-the-grey-list","title":{"rendered":"South Africa\u2019s big push to get off the grey list"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa is intensifying its work to address shortcomings in tackling illicit financial flows so that it can exit a global dirty money list, a top official at the nation\u2019s financial regulator said.<\/p>\n

Finance Minister Enoch Godongwana has ramped up efforts to coordinate the government response to problem areas identified by the Financial Action Task Force to ensure the nation\u2019s removal from its so-called grey list by a June deadline, said Farzana Badat, deputy commissioner of the Financial Sector Conduct Authority.<\/p>\n

\u201cThere has to be a demonstration of political will \u2014 that is something that FATF looks at very seriously,\u201d Badat said. While South Africa is \u201cnot lacking on that, it might not always be visible.\u201d<\/p>\n

\u201cI think we\u2019ve gotten that and in fact, the finance minister has over the past few months actually increased the impetus in getting more ministers together to demonstrate the will,\u201d she said.<\/p>\n

South Africa has until February to address 22 key factors FATF identified to get off the list. It has only completed eight of the action items, and the nation has two reporting cycles \u2014 due in September and January \u2014 to address outstanding issues.<\/p>\n

FATF added South Africa to its list in February last year, denting the country\u2019s reputation as investors grew wary of an economic outlook already dimmed by sluggish growth, crime and corruption.<\/p>\n

The move followed an era of endemic government corruption \u2014 known as state capture \u2014 that started under former President Jacob Zuma and gripped the country for years.<\/p>\n

The nation will likely struggle to exit the dirty-money list because \u201cwe haven\u2019t sent anyone to jail\u201d for state capture, Busisiwe Mavuso, chief executive officer of private-sector lobby Business Leadership South Africa, said at the same event.<\/p>\n

\u201cFATF is questioning that \u2014 you\u2019ve had money stolen for more than 15 years and you haven\u2019t put a single person in jail,\u201d she said. \u201cClearly that just shows how weak our system is and how we don\u2019t have controls in place to detect, identify and prosecute those that have been involved.\u201d<\/p>\n

While the financial system hasn\u2019t felt an immediate impact, a protracted stay on the list could raise costs for the country as it dents its reputation as an open and free economy, Bongiwe Kunene, managing director of the Banking Association South Africa, said at the same event.<\/p>\n

\u201cIf we do not exit the grey list, then there is that heightened vulnerability,\u201d she said.<\/p>\n

South Africa aims to complete nine of the action items by September, with the rest due in January. It needs to get all of them done by February in order to exit the list by June.<\/p>\n

The country is on track to address all the outstanding action items, but it will be challenging to do so by the February deadline, the National Treasury said in a statement in July.<\/p>\n

\u201cIf we continue on the trajectory that we are on right now and based on the reporting, the probability is very good that we will get off, but anything can happen,\u201d Badat said.<\/p>\n

\u201cWhat\u2019s important is to have a contingency if we don\u2019t get off.\u201d<\/p>\n

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

Africa-Press – South-Africa. South Africa is intensifying its work to address shortcomings in tackling illicit financial flows so that it can exit a global dirty money list, a top official at the nation\u2019s financial regulator said. Finance Minister Enoch Godongwana has ramped up efforts to coordinate the government response to problem areas identified by the […]<\/p>\n","protected":false},"author":84,"featured_media":71996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[275],"class_list":["post-71997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-south-africa-2"],"yoast_head":"\nSouth Africa\u2019s big push to get off the grey list - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa is intensifying its work to address shortcomings in tackling illicit financial flows so that it can exit a ...\" \/>\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-africas-big-push-to-get-off-the-grey-list\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Africa\u2019s big push to get off the grey list\" \/>\n<meta property=\"og:description\" content=\"South Africa is intensifying its work to address shortcomings in tackling illicit financial flows so that it can exit a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-big-push-to-get-off-the-grey-list\" \/>\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=\"2024-08-10T17:31:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-10T17:43:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/08\/sm_1723299110.951058.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"685\" \/>\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=\"3 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-africas-big-push-to-get-off-the-grey-list#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-big-push-to-get-off-the-grey-list\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"South Africa\u2019s big push to get off the grey list\",\"datePublished\":\"2024-08-10T17:31:44+00:00\",\"dateModified\":\"2024-08-10T17:43:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-big-push-to-get-off-the-grey-list\"},\"wordCount\":543,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-big-push-to-get-off-the-grey-list#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/08\/sm_1723299110.951058.jpg\",\"keywords\":[\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-big-push-to-get-off-the-grey-list#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-big-push-to-get-off-the-grey-list\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africas-big-push-to-get-off-the-grey-list\",\"name\":\"South Africa\u2019s big push to get off the grey list - 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