The government says South Africa has managed to address five out of the 22 action items required to get the country out of greylisting.
Last year, the Financial Action Task Force (FATF) greylisted South Africa citing insufficient systems in place for the country to combat money laundering and terrorist financing.
Speaking at the Financial Sector Conduct Authority Conference in Sandton, national Treasury’s acting Director-General, Ismail Momoniat, says some of the action items required are challenging to achieve, but says he is confident the country will meet its deadline to deliver the outstanding action items by February next year.
“We got to be seen to fully address all 22 items. If we look at the items, they span from making sure that in the financial sector, penalties and dissuasive sanctions need to be tougher, and we need to demonstrate that there’s a change in behaviour.”
“That’s the only one that really applies to the financial regulator supervisors. But also applies to the FIC which bravely decided that they also supervise the non financial sector like legal practitioners, estate agents, gambling casinos and etc.,” adds Momoniat.
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