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Analysts have warned the greylisting could have dire consequences for the country’s already hamstrung economy, by raising its risk profile and hampering investment
On 24 February 2023, the FATF will announce its decision regarding the likely grey listing of South Africa – if this transpires, the consequences for the already embattled South African.
National Treasury director-general Ismail Momoniat says authorities have reduced the number of actions required by the Financial Action Task Force to just eight from 67 initially.
SA has been placed on the Financial Action Task Force’s ‘greylist’, which means it has shortcomings in tackling illicit financial flow, which may raise costs for banks and asset managers.