Browsing: FATF

South Africa Grey Listing
  • South Africa has just 18 months to show that it has an effective anti-money laundering (AML) policy.
  • The government estimates that between $2 billion and $8.3 billion is laundered annually through local financial institutions.
  • Banks in South Africa must find a new way to prove identity to prevent money laundering and cyberattacks.

South Africa has just 18 months to show that it has an effective anti-money laundering (AML) policy, an undertaking that banks can help to rescue the country from the grey list. In January 2025, the global anti-money laundering watchdog, the Financial Action Task Force will review its decision to greylist South Africa. The agency will interrogate the public and private sector measures taken by the country to address its concerns.

The nation will have to present a workable, scalable plan to stop fraud, money laundering, and other financial crimes. Failure to do so will have severe negative economic …

US dollar notes used in Money Laundering
  • Mozambique has been given two years to improve Anti-Money Laundering Framework or face bans on international financial transactions.
  • Mozambique was placed on the grey list of the FATF for non-compliance with anti-money laundering and terrorist financing.
  • If Mozambique fails to comply with the FATF standards, it will be backlisted under non-cooperative countries and territories (NCCTs).

The Financial Action Task Force (FATF) has given Mozambique two years to improve its framework to prevent and combat money laundering and terrorist financing. Authorities in Maputo will suffer wide sweeping bans in international financial transactions if they fail. Currently, policymakers in the country have their feet on the gas pedal, sealing leakages in Mozambique’s financial flows.

Under pressure, the government has set up an executive committee led by Luís Cezerilo to seek Mozambique’s removal from Grey List. The listing has placed the country among the most vulnerable to crimes of money laundering and terrorism …