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The Financial Action Task Force flag.
Economist Dr Iraj Abedian says South Africa’s removal from the Financial Action Task Force’s grey list is a step in the right direction, but adds that a lot more needs to be done to maintain its status.
The global financial crime watchdog placed SA on the grey list in 2023, citing the country’s failure to comply with international standards around the prevention of money laundering and terrorist financing.
Abedian says there now needs to be a clampdown on corruption, and those found guilty must be held accountable.
“There is no doubt that this is very good news. Positive in many ways … welcome change in terms of global rating of South Africa. Of course, South Africa is still junk graded, as they call it in the financial capital markets, but the combination of junk grade and grey listed was really poisonous and lethal, and costly for our economy. So, I welcome the opportunity that we now have at least one tick gone from red to green,” adds Abedian.
Below is the full interview with Economist, Dr Iraj Abedian:
