Government forges on with dirty money clean up to avoid greylisting

South Africa’s government is forging ahead with efforts to fend off greylisting, which the treasury has warned would have a detrimental effect on the integrity of the banking sector and the economy.

The country’s lawmakers have to pass two separate pieces of legislation — the Protection of Constitutional Democracy against Terrorist and Related Activities Amendment Bill and the General Laws Amendment Bill — before February 2023, when South Africa will appear before the Financial Action Task Force (FATF).

Last October, the FATF published an evaluation of South Africa’s measures against money laundering. The evaluation found holes in the country’s policies and efforts to combat financial crimes, despite its financial system being highly vulnerable to these crimes.

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The post Government forges on with dirty money clean up to avoid greylisting appeared first on The Mail & Guardian.

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