Cape Town — Deputy President Paul Mashatile said that South Africa has made significant progress by addressing 52 of the 67 recommended actions to get off the Financial Action Task Force (FATF) grey list.
“We are now focusing on the remaining 15 actions to meet the January 2025 deadline,” Mashatile said.
He was answering questions at the National Council of Provinces (NCOP) on Thursday.
The FATF is a global inter-governmental body that promotes policies and sets international standards relating to combating money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction.
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On the question of the country’s law enforcement agencies, including the National Prosecuting Authority (NPA), the country’s second-in-command, said they are implementing an integrated action plan to ensure a sustained increase in investigations and prosecutions of serious and complex money laundering cases.
“The action plan focuses on cases involving professional money laundering networks and third-party money laundering, as well as identifying, investigating and prosecuting terror financing activities in line with South Africa’s risk profile,” said Mashatile.
Through the Cabinet Committee on Justice, Crime-Prevention and Security, he said government would continue to enforce the implementation of the high-level goals, ensuring that all relevant agencies and departments are addressing the deficiencies identified by the FATF.
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Compiled by Junaid Benjamin
