South African President Cyril Ramaphosa, commenting on the inclusion of the South African Financial Action Task Force on the “grey list”, stressed that “the list is an opportunity for us to tighten our controls and improve our response to tackling organized crime,” noting that “the situation is worrying, but it is less serious than some believe.” .
And he stressed, in his weekly newsletter, that “the pillars are there, and we know what we need to do to remove us from the gray list,” stressing that “he is determined to do so as soon as possible.”
Last Friday, the Financial Action Task Force stated that it had placed South Africa on the “gray list”, with the aim of tightening monitoring of deficiencies in combating “money laundering, terrorist financing and nuclear proliferation financing.”
The group sets standards for more than 200 countries and jurisdictions on cross-border financial crimes, a system that aims to encourage national authorities to improve their performance.
