National Treasury is optimistic, even though the odds are stacked against us.
National Treasury Acting head of department, Ismail Momoniat, says he is optimistic that South Africa can avoid greylisting by the international Financial Action Task Force .
An evaluation report released by the organisation in October last year gave South Africa an adverse rating and laid out 40 recommendations and other measures which would allow the country to avoid greylisting.It may not be likely, but I think there certainly is a path The Treasury head warned, however, that although South Africa might reach the technical compliance threshold, “it is in effectiveness that we are lacking”.
“So we would be able to show that we’ve made fairly significant progress. Sure, we still need to make much, much more progress, but if we can demonstrate that for each of the measures, there’s commitment, and we’ve made progress,” he said.Momoniat said that in the event of greylisting, the government’s work towards meeting the FATF’s recommendations and measures will soften the blow.
The treasury head expressed that the effect of the FATF’s evaluation has sharpened focus at all levels to ensure that South Africa avoids greylisting.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
It's D-Day for Treasury to respond to public servants' wage demandsThe two public service unions submitted a memorandum of demands to National Treasury during last week’s strike in Pretoria.
Read more »
André Roux, former Treasury official and fund manager, dies in London | Fin24André Roux, a well-known financial expert in both the public and private sectors, has died at age 68. | News24_Business
Read more »
Three escaped lions recaptured and returned to Kruger National ParkThree lions that strayed from the Kruger National Park on Friday were captured on Monday and returned to the park.
Read more »
Three escaped lions recaptured and returned to Kruger National ParkThree lions that strayed from the Kruger National Park on Friday were captured on Monday and returned to the park.
Read more »
Osimhen Accused Of Sabotaging Nigerian National Team | SoccerladumaA Nigerian legend has called for action to be taken against Super Eagles and Napoli star Victor Osimhen for sabotaging the national team. SLInt MORE:
Read more »
Public service unions to embark on national strike next weekKey government services such as border control, revenue collection and policing may come to a halt
Read more »