Business group set to release grey listing research
As SA races to beat the end of October grey listing deadline set by the Financial Action Task Force (FATF), businesses fear that not enough has been done to avoid the probable economic consequences of grey listing and are searching for ways to mitigate repercussions.
A Cape Argus report notes that, when a country is put on the grey list, it is subject to increased monitoring by FATF, of which SA is the only permanent African member.
Business Leadership SA (BLSA) CEO Busisiwe Mavuso said business needs to know whether the work being done by the government and agencies such as the NPA, SARS and the Financial Intelligence Centre would reduce the chances of being grey listed by FATF.
In answer to these fears, BLSA has commissioned research to be shared with the business community on 11 October 2022.
Mavuso said the research would analyse the possible economic consequences of grey listing.
In August, the Cabinet took steps to ensure SA was not grey listed by approving important amendment Bills aimed at plugging gaps in the country’s anti-money laundering and anti-terrorism funding laws.
Last week, Parliament began seeking public comment on the Bills.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
