The Financial Action Task Force found that South Africa was partially compliant or non-compliant, with 20 of its 40 recommendations. The global watchdog says SA has agreed to work with the organisation to address any identified deficiencies. During his Budget Speech Finance Minister, Enoch Godongwana warned the country, to prepare for the possibility that it could be greylisted.
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When a country is put on the grey list, it means that it is under increased monitoring by the FATF. A country on the grey list is an indication that the FATF has identified strategic deficiencies in its systems to counter financial crimes.
