Decision to greylist SA not geopolitical, says Kumar - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The president of the FATF has dismissed any suggestion of geopolitical reasons – relating to South Africa’s close ties to Russia – as a contributing factor behind their decision to greylist South Africa.

@SABCNewsThe president of the Financial Action Task Force has dismissed any suggestion of geopolitical reasons – relating to South Africa’s close ties to Russia – as a contributing factor behind their decision to greylist South Africa.

The South African government says it has eight outstanding recommendations to address while 67 deficiencies that were flagged by the financial watchdog have been addressed.“This whole process is a technical process and countries are assessed objectively against the FTAF standards. We have an obligation evaluation team that comprises assessors from different jurisdictions that essentially go in and make a technical assessment of the country and how it fares against the FATF standards.

On Friday, FATF announced that it has placed the country in the greylist, along with Nigeria. The two countries are Africa’s biggest economies.However, in a statement, the global financial watchdog says South Africa has made significant progress on many of its recommendations to improve its systems.

 

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