South African central bank vows to tackle money laundering

Johannesburg, SA | Xinhua | The South African Reserve Bank (SARB), the country’s central bank, said it is committed to the fight against money laundering.

The SARB made the remarks in a statement on Friday after the Financial Action Task Force, a global money laundering and terrorist financing watchdog, placed South Africa on the grey list of jurisdictions under increased monitoring.

“The SARB has a zero-tolerance approach when addressing the abuse of the financial system by money launderers or terrorist financiers,” the statement said.

The SARB reaffirmed its strong commitment to disrupt money laundering and the financing of terrorism through the enhancement of its supervisory activities.