Political parties in Parliament welcome SA’s removal from grey list

The FATF is an intergovernmental organisation established in 1989 as the international watchdog to combat money laundering, terrorist financing, and other related threats.

Political parties in Parliament have generally reacted positively to South Africa’s removal from the grey list. The Financial Action Task Force (FATF) removed South Africa from its grey list on Friday.

This is after complying with global anti-money laundering standards.

Action SA Member of Parliament Alan Beasley says the move is a step closer to resolving the country’s financial crisis.

“Action SA welcomes the news that South Africa has finally been removed from the greylist. This is a positive step that can help improve investment and kickstart the economy. The determination shown by the National Treasury in getting us off the greylist needs to be applauded. The same determination must be demonstrated by the GNU.”

The ACDP says after the shocking allegations by KwaZulu-Natal Police Commissioner Lieutenant General Nhlanhla Mkhwanazi, about corruption and the infiltration by criminal syndicates of the South African Police Service, the news that SA is no longer on the grey list is a welcome relief.

The ACDP’s Steve Swart says this will increase foreign investment.

“ The ACDP welcomes some good news that South Africa has eventually been removed from the grey list, after almost three years. We were greylisted for failing to adequately combat illicit financial flows and terrorist financing. This has now been resolved, and we commend all those government departments and agencies involved in this process. It is a major achievement, following the hollowing out of law enforcement and key institutions during state capture.”

VIDEO | The removal of SA has been welcomed:

Another political party weighing in on South Africa’s removal from the Financial Action Task Force’s greylist is the Freedom Front Plus, which has applauded the government’s interventions and efforts to meet the FATF’s requirements to be delisted.

The FF+ Wouter Wessels says regressions may never be allowed again.

“We commend government and all other role players, such as law enforcement agencies, regulatory bodies, and private sector financial institutions, for the positive actions that have been taken, including improved controls. This is an important step in the direction of economic revival. We do caution that the most important test will now be to remain off the grey list, by effectively implementing these controls, and with sustained compliance.”