Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

South Africa Aims to Fix Money Laundering Rules by Year-End

July 5, 2022, 9:43 AM

The head of South Africa’s National Treasury said he is “pretty confident” the country will have addressed regulatory weaknesses in its money laundering controls by year-end, a move that should help avert its inclusion on a global watchdog’s list of nations that are subjected to greater oversight due to their shortcomings in tackling illicit finance.

Africa’s most industrialized economy was found wanting in all 11 of the Paris-based Financial Action Task Force’s effectiveness measures to combat money laundering and the financing of terrorism, Ismail Momoniat, the National Treasury’s acting director general said in an interview on SAfm radio on ...