Anti-money laundering watchdog grey lists South Africa
South Africa has been greylisted by a global anti-money laundering group.
The Financial Action Task Force works to counter money laundering, terrorist financing, and proliferation financing.
The watchdog had pointed out deficiencies in South Africa's financial controls several years ago.
The FATF says when countries commit to resolve the deficiencies within agreed time-frames, they get put onto the “grey list”.
The greylisting means South Africa will be subjected to tighter monitoring.
Nigeria has also been added to the list.
Africa's two biggest economies join other countries such as Albania, Barbados, Burkina Faso, Cambodia and Nigeria on the grey list.
In a statement, National Treasury says government notes the decision.
It says it's been told it needs to make further and sustained progress related to the implementation of the country's Anti-Money Laundering/Combating the Financing of Terrorism laws.
