South Africa risks FATF sanction as legacy of state capture endures
Central bank finds thousands of bank clients have missing citizenship and incorporation data
South Africa’s financial system is at high risk of being exploited by criminals, its banking regulator reported on July 26. The assessment comes as the country faces being greylisted by the Financial Action Task Force (FATF), after the global watchdog identified deficiencies in its approach to combatting financial crime.
Ismail Momoniat, acting director-general of the National Treasury, spoke to Central Banking about co-ordinating the response between authorities, in preparation for another
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