5/27/2023 0 Comments Financial watchdog![]() The government recognizes that addressing its shortcomings is in South Africa’s interests and is consistent with its existing commitment to fighting crime, Finance Minister Enoch Godongwana said in a emailed statement. The central bank pledged to strengthen its supervision and ensure commercial lenders and other financial institutions comply fully with their obligations to safeguard and protect the financial system’s integrity. South Africa’s National Treasury said it expects the move will have limited impact on financial stability and the costs of doing business, but that it will continue working to address the FATF’s concerns. While President Cyril Ramaphosa’s administration, which took over after the ruling party forced Zuma to quit in early 2018, has sought to address the deficiencies, it failed to do enough to avoid censure. ![]() Those findings followed an era of endemic graft during former President Jacob Zuma’s nine-year rule. The rand slumped as much as 1.5% against the dollar after the decision was announced and as stronger-than-expected US inflation data fueled gains in the greenback.Ī 2019 evaluation concluded that South Africa fell short in meeting all 11 of the FATF’s effectiveness measures to combat money laundering and the financing of terrorism. “The FATF does not call for the application of enhanced due diligence measures to be applied” to jurisdictions that have been added to the list, it said. “When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed time frames,” the Paris-based agency said in a statement on its website.
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