Business leaders urge government to get SA out of greylist

The Financial Action Task Force placed South Africa on the list in February last year, for not complying with international standards around the prevention of money laundering and terrorist financing.

Prolonged greylisting also runs the risk of spooking domestic and international investors at a time when increased investment is key to the country’s economic recovery.Following the launch of the second phase of the business-government partnership – corporate South Africa says urgent interventions are needed to address the outstanding items on the action plan.

"Can we get off the FATF greylist? We think we can. It’s a very critical issue," said vice president of Business Unity South Africa , Adrian Gore. "It will strengthen the financial sector, we’ll have reduced transaction costs because the cost of borrowing will reduce, increase confidence levels which underpins all of the areas we’re focusing on, and improve credit ratings," added Business for South Africa's chairperson, Martin Kingston.

President Cyril Ramaphosa said government is also working around the clock to rebuild the hawks and the National Prosecuting Authority to strengthen investigations and the prosecution of financial crimes.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

DTIC and organised business can improve the business environmentAlthough the DTIC and business did not always have an optimal relationship, the new minister seems keen on collaboration.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Cybersecurity: Building a Strong Business Case for InvestmentA recent round-table discussion highlighted the pressing cybersecurity challenges facing organisations today, emphasizing the need to build a strong business case for investment. Participants discussed the importance of aligning security efforts with business goals, demonstrating tangible ROI, and fostering a culture of security.
Source: TechCentral - 🏆 8. / 71 Read more »

Lesaka’s social grant business thrives amid post office chaosThe fintech group’s social grant business is growing 361% year-on-year and it now has 1.5 million active accounts, says CEO Lincoln Mali.
Source: ITWeb - 🏆 45. / 51 Read more »

BUSINESS INSIGHTS: Empowering startups with professional logo designUnderstanding how a professional logo can make a difference, enabling startups to capture and retain the attention of their target audience.
Source: TheSAnews - 🏆 25. / 59 Read more »