President Cyril Ramaphosa says the government is determined to get off the ‘greylist’ as quickly as possible.
The Financial Action Task Force penalised South Africa for falling short of standards to combat money laundering and other serious financial crimes.
This means the country is under increased monitoring, otherwise known as ‘greylisting’.
Ramaphosa says the development is concerning but less dire than some suggest, and they’ve worked with the FATF to address the 67 recommendations made by the global body.
Experts and financial institutions say the ‘greylisting’ will impact capital flows into the country.
This will mean less foreign direct investment and possible economic penalties.
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