The Treasury says it’s making progress in closing the gaps that led to South Africa being greylisted by the Financial Action Task Force (FATF) in February.
The FATF will be meeting in Paris next week to consider progress the country’s made in tightening its anti-money laundering and terrorism financing laws.
Treasury’s new director-general, Duncan Pieterse, said that since being greylisted, some of the FATF’s concerns have now been partly addressed.
This as parliamentarians expressed concern about the impact greylisting has had on investing and doing business with the country.
Pieterse said that since being greylisted, much of government’s work had been on improving its anti-money laundering regime.
He said that 20 deficiencies listed by the FATF were currently being worked on and report back was given at a meeting in Jordan three weeks ago.
“So in both of the areas related to money laundering specifically there has been an improvement in terms of the action items that we are required to report to FATF on.”
Finance Minister Enoch Godongwana said that Cabinet was receiving regular updates on the greylisting situation.
He’s pledged to provide Parliament’s Standing Committee on Finance with a comprehensive update.
Last week, National Prosecuting Authority (NPA) head, Shamila Batohi, told Parliament steady progress was also being made to address the legal deficiencies in meeting FATF’s requirements.