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HomeNewsAfricaRand, bonds, banks in firing line if FATF grey listing goes ahead

Rand, bonds, banks in firing line if FATF grey listing goes ahead

South Africa’s currency, bonds and banks will be the most exposed if the Financial Action Task Force (FATF) grey lists the country, experts say.

Being on the grey list means that a country has strategic deficiencies in its framework for anti-money laundering and combating the financing of terrorism (AML/CFT). The FATF found in 2021 that South Africa failed in 20 of the 40 FATF standards and had shortcomings in all 11 steps needed to combat money laundering. The FATF set a deadline of February 2023 to fix the problems or face possible grey listing.

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