National Treasury is working to remove SA from FATF’s greylist: Ramaphosa

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President Cyril Ramaphosa has told members of the National Assembly that National Treasury is working hard to ensure that South Africa is removed from the Financial Action Task Force’s (FATF) greylist.

He was responding to questions during his oral reply session in the Good Hope Chamber in Parliament.  Ramaphosa says the greylisting of the country has concerned everyone.

The FATF, which is an international watchdog on financial crimes, recently greylisted South Africa.

Some economists said the country had to do more to counter illegal activities like money laundering which led to the greylisting.

Ramaphosa has raised concern but says he remains optimistic.

“The issue of greylisting obviously is a great concerns to all of us as South Africans and our Treasury team works very hard to ensure that we reduce the number of concerns that have been raised and we were able to eliminate almost all of them; I think five, six or seven. Now, those are being addressed and we are hoping that we will be able to address them to a point where we will be removed from the greylisting or what they call enhanced monitoring section.”

President Cyril Ramaphosa’s Q&A session: 

President Cyril Ramaphosa pictured today replying to oral questions from Members of the National Assembly at the Good Hope Chamber in Parliament, Cape Town: