Financial Crime Watchdog Adds South Africa, Nigeria To 'Grey List' – Eagle News Feed

Financial Action Task Force (FATF)

Financial Action Task Force (FATF)

International financial crime watchdog the Financial Action Task Force (FATF) says it is adding South Africa and Nigeria to its “grey list” of countries under special scrutiny to implement standards to prevent money laundering and terrorism financing.

The FATF is an inter-governmental organization that underpins the fight against money laundering and terrorism financing by setting global standards and checking if countries respect them.

According to Channel Africa, Paris-based FATF said the two countries were added to its list following a review.

Being added to the grey list is a reputational knock for the South African government, which has been trying to address shortcomings identified by the FATF.

Analysts say it could also mean South African clients at international financial institutions will be subject to enhanced due diligence checks.

It could also complicate South African attempts to access funding and support from multilateral development institutions and official lenders.

Beryl Onyango

Beryl Onyango is a CPA and economics degree holder who has dedicated her career to helping others navigate the complex world of finance. Beryl has spent the past 3 years working as a finance specialist in a fintech company and has 6 years of experience in finance, working with a diverse range of clients and industries. Beryl's expertise lies in budgeting, saving, investing, and retirement planning, but she also has a deep understanding of various other areas of finance. She is interested in financial technology and how it changes how we manage our finances. As a finance writer, Beryl has been sharing her insights and knowledge through her writing, covering various finance and personal finance topics. Her goal is to educate and empower individuals to take control of their finances and achieve their financial goals. In addition to her professional experience, Beryl is a lifelong learner, always seeking to expand her knowledge and stay up-to-date with the latest developments in finance. She is also a strong communicator, able to explain complex financial concepts in a clear and easy-to-understand manner. Beryl believes that financial literacy is the key to achieving financial success, and she is dedicated to helping others achieve their financial goals.

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