By Zuko Komisa
South Africa has been greylisted by the Financial Action Task Force.
The Financial Action Task Force (FATF), an intergovernmental organization that establishes international standards to fight money laundering and terrorist financing, has placed South Africa on its “grey list.”
The choice was made by the FAFT at a gathering this week in Paris.
With this decision, South Africa joins nations like Syria, Cuba, Yemen, and Mozambique.
Nigeria and South Africa have been added to the “grey list,” according to a statement released by the organization on Friday afternoon.
Kaya Biz with Gugulethu Mfuphi had a frank conversation with Ann Crotty, a writer-at-large for Financial Mail about the hypocrisy of greylisting.
LISTEN TO THE FULL CONVERSATION:
The decision of the watchdog informs international banks, financial institutions, and investors that the nation does not completely adhere to anti-money laundering and anti-terrorist financing standards.
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