A new report commissioned by Business Leadership SA claims there is an 85% probability that South Africa will be placed on the FATF grey list. The report is the latest in a series of commentaries by financial experts suggesting that grey listing is now highly likely to be imposed in February at the FATF Plenary meets in February.
The report, ominously entitled, ‘Sword of Damocles: South Africa’s FATF Grey Listing’ concluded, ‘ There is a high probability that South Africa will be “grey listed” by the Financial Action Task Force (FATF) in February 2023’. It attributes the listing to weaknesses in South Africa’s criminal justice system during the state capture era.
The report continued to outline the severe impact that would result in a decline in GDP of 1-3% and an immediate increase in the risk ratings for all South Africans transacting internationally. In these turbulent times for global markets, combined with the strong US dollar, grey listing will further weaken the South African making it increasingly difficult and costly for South Africans to organise their financial affairs.
Our advice remains the same: that all South African should consider grey listing as a threat to their financial wellbeing and inform themselves as a matter of urgency. Our webinar, scheduled for 27 October, will explain personal financial risks for South Africans at home and abroad and explain the measures they can take to protect themselves from the most damaging aspects.
South Africa’s potential grey listing – The threat to your financial health
A dark cloud is hanging over the South African financial system. The Financial Action Task Force (FATF), the intergovernmental global money laundering and terrorist financing watchdog, has South Africa in its sights and is threatening to add South Africa to its grey list alongside the likes of Pakistan, Syria and Yemen.
The financial consequences will be dire for both the economy and individual South Africans. However, it is best to be informed and prepared because the National Treasury has stated it will be a miracle if South Africa escapes the list.
This webinar will explain what going on the grey list will mean for the country and South African investors, both in South Africa and living overseas.
The webinar will address these questions:
✅ What is the FATF and the grey list?
✅ Why has South Africa been flagged for grey listing?
✅ What are the consequences for the South African economy?
✅ How will the listing affect South Africans?
✅ What will be the impact on your finances and investments?
✅ How can you protect yourself?
At the end of the webinar, there will be a Q&A to allow the audience to put their questions.
FATF grey listing is a severe threat to your financial health. Do not take this lightly. Inform and protect yourself.