Report highlights weakness in SA’s anti-money laundering systems
According to the statement, South Africa is expected to take remedial steps within 18 months to address the deficiencies identified in the mutual evaluation report.
A FINANCIAL Action Task Force (FATF) report identified significant weaknesses in sections of the anti-money laundering, counter financing of terrorism and counter financing of proliferation (AML/CFT/CPF) systems.
The National Treasury and the Financial Intelligence Centre (FIC) said, in a joint statement, that the Mutual Evaluation Report was an assessment of South Africa’s AML/CFT/CPF systems.
They noted the valuation of South Africa was conducted by an assessment team that was led by the International Monetary Fund and included officials from the Eastern and Southern Africa Anti-Money Laundering Group and the FATF member countries.
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According to the statement, South Africa was expected to take remedial steps within 18 months to address deficiencies identified in the mutual evaluation report.
Cabinet was briefed on the outcomes of the assessment on September 1, and recognised the findings and weaknesses brought to the attention of the South African government.
“National Treasury will report regularly to Cabinet on the country’s progress. The continuous strengthening of the country’s AML/CFT/CPF system is central to protecting and helping to make the financial system intolerant to abuse. The government is fully committed to implementing the recommendations contained in the report, and strengthening the entire system for investigating financial crimes, including the fight against corruption,” said Treasury and the FIC.
