Johannesburg:
The International Financial Action Task Force has grayed South Africa and Nigeria for failing to combat money laundering and terrorist financing. This has set back Africa’s two largest economies.
It indicates to global banks, financial institutions and investors that these countries are not fully compliant with anti-money laundering and terrorist financing standards.
It is also the high-level group that was recently sent to the International Financial Action Task Force to represent it, despite South Africa’s serious efforts to enact a number of related laws late last year.
The International Financial Action Task Force acknowledged that South Africa has made significant progress on many of the recommendations previously made, but stressed that more needs to be done in terms of increasing investigations and prosecutions of money-laundering cases and confiscations.