SA engages US on efforts to exit grey list

Summary:

Deputy Minister of Finance, Dr. David Masondo, reiterated to his US counterparts that the South African government is working hard to exit the Financial Action Task Force (FATF) grey list. The country was grey listed in February 2023 for not complying with international standards on money laundering and combating illicit financial flows. Masondo emphasized that investment is critical for economic growth, and to attract investment, South Africa must combat corruption, illicit, and terror finance. He stated that significant progress has been made, including passing two Acts in Parliament aimed at addressing money laundering and terror financing, and addressing 15 of the 20 legislative deficiencies identified by the FATF. The US Deputy Secretary of the Treasury, Wally Adeyemo, offered technical assistance to help South Africa exit the grey listing and rebuild the capability of institutions combating money laundering, terror financing, and wildlife trafficking.