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Two sectors holding South Africa back from getting off the grey list – and time is running out

Two sectors holding South Africa back from getting off the grey list – and time is running out
Two sectors holding South Africa back from getting off the grey list – and time is running out

South Africa has hit a bump in its plans to get off the Financial Action Task Force’s (FATF’s)grey list, with two industries in particular to blame.

In February 2022, the FATF added South Africa to the grey list due to the nation’s weaknesses in tackling illicit financial flows and combating terror financing.On a practical level, the impact is being felt with the European Union adding South Africa to a list of high-risk countries in May.

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