Grey listing by int’l watchdog a chance to tackle financial crimes: South African president

Johannesburg, South Africa | Xinhua | South African President Cyril Ramaphosa said Monday that the grey listing of South Africa by the Financial Action Task Force (FATF) is an opportunity for the country to improve its ability to tackle financial and illicit crimes.

Ramaphosa made the remarks in his newsletter on Monday after the FATF, a global money laundering and terrorist financing watchdog, placed South Africa on the grey list of jurisdictions under increased monitoring.

The country has made progress in addressing the identified shortcomings, Ramaphosa said. “The grey listing is an opportunity for us to tighten our controls and improve our response to organized crime. This will ultimately place us on a stronger footing to effectively fight these damaging and dangerous crimes.”