ON THE MONEY
STUART THEOBALD: SA is doing the bare minimum to get itself off greylist
In October SA has an opportunity to take a big step forward in its effort to escape the FATF greylist.
FATF stands for Financial Action Task Force, an institution created under the Group of 7 (G7) to combat international money laundering and, after 2001, terrorist financing. Last week a National Treasury team, including the alphabet soup of enforcement agencies — the Financial Sector Conduct Authority (FSCA), Financial Intelligence Centre (FIC), Companies and Intellectual Property Commission (CIPC) and the SA Reserve Bank (SARB) — met the FATF to discuss the progress it has made, aiming to assure the global body it is on track...
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