Johannesburg, Feb 25 (IANS) South Africa’s National Treasury has expressed confidence about exiting the Financial Action Task Force’s (FATF) money-laundering grey list nearly two years after being placed on it for money-laundering concerns.
Ismail Momoniat, special advisor at the National Treasury, said on Monday that South Africa has been given another cycle to achieve sustained improvement. “The FATF assessors were happy with the progress we’ve made. They want South Africa to continue to show improvement,” he told the South African Broadcasting Corporation.
Earlier, the National Treasury welcomed the progress, which would enable South Africa to “be considered for delisting from the FATF grey list in October.”
“Our investigation and prosecution teams are working closely in terms of a prosecution-guided investigation strategy to ensure that we demonstrate the sustained progress required by the FATF. These improvements are critical not just for getting off the grey list, but, critically, for strengthening the fight against crime and corruption,” it said.
According to a recent statement by the FATF, South Africa has addressed or corrected 20 of the 22 action items outlined in its plan, Xinhua news agency reported.
The two remaining items, namely investigating and prosecuting serious and complex money laundering and terror financing activities, are expected to be addressed in the March-to-June reporting period.
South Africa was placed on the FATF grey list in February 2023 due to deficiencies in its anti-money laundering and combating the financing of terrorism regime. The country has been working with the FATF and the Eastern and Southern Africa Anti-Money Laundering Group to improve its regime over the years.
–IANS
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