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.

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