YOU might have heard the news that South Africa has now been put on a grey list – but what exactly is this list and what does it mean for our country? We take a look.
What’s the grey list?
The Financial Action Task Force (FATF) is an international organisation that monitors how countries fight corruption, the funding of terrorism and money laundering (a way to hide money that was made illegally).
South Africa being on the list means there are certain loopholes in our laws and systems that make it too easy for people to use money in illegal ways, according to the financial watchdog.
The FATF released a report in October 2021 with recommendations for SA to fix the situation. Though some of these steps have been taken, the FATF feels it’s not enough.
What does it mean for SA?
It’s bad news for our economy because the grey-list status sends a signal
