ANC calls on government to address "deficiencies" that have resulted in greylisting
Updated | By Sibahle Motha
The African National Congress (ANC) has called on the government to address the deficiencies that have resulted in South Africa getting listed by the Financial Action Task Force (FATF).
On Friday, the Paris-based anti-money laundering watchdog added South Africa to its list of countries that will be monitored to ensure the implementation of anti-money laundering and terrorism funding regulations.
ANC spokesperson Mahlengi Bhengu-Motsiri says that the government should implement the action plan “swiftly” to ensure that the 2025 deadline will be met to meet outstanding actions.
“The South African government has until November 2025 to address these deficiencies, failing which our country will be negatively affected economically.
“We call on the government to take active steps swiftly to implement the Action Plan and the National Strategy on AML/CFT which was adopted by the Cabinet in November 2022.”
ALSO READ: Treasury, Reserve Bank committed to working with FATF after greylisting
Bhengu-Motsiri says that the ANC also welcomed Finance Minister Enoch Godongwana’s steps to address the outstanding matters by tabling an “Action Plan” to Cabinet.
“These initiatives have already been communicated to the FATF President, Mr Raja Kumar – a clear demonstration of South Africa’s commitment to work with the FATF and ESAAMLG swiftly and effectively to address all outstanding deficiencies and strengthen the effectiveness of our AML/CFT regime.”
South Africa joins countries like Nigeria, South Sudan, Mali and Morocco that have been added to the FATF greylist.
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