South Africa News

‘We have a plan’: Ramaphosa on South Africa’s greylisting

President Cyril Ramaphosa said on Monday the country has a focused action plan to comply with international standards to combat money laundering.

In his weekly newsletter, Ramaphosa welcomed the increased monitoring by the watchdog Financial Action Task Force amid South Africa’s addition to the added to the organization’s notorious greylist on Friday.

South Africa was cited for failing to ensure its systems could bring to book those who were involved in illicit transactions.

Ramaphosa said most of South Africa’s shortcomings in meeting the inter-governmental grouping’s requirements, related to law implementation, including:

  • an increase in investigations and prosecutions of serious and complex money laundering and terrorism financing;
  • an increase in mutual legal assistance requests to other countries;
  • increased use of financial intelligence by law enforcement agencies; and
  • the effective implementation of targeted financial sanctions.

Ramaphosa said the country’s action plan to address the deficiencies was aligned with the implementation plan of Zondo commission recommendations. He added that since the deficiencies did not relate to the country’s financial sector. Ramaphosa also said this meant financial stability and costs of doing business with South Africa would not be seriously impacted by the greylisting, saying it created an opportunity to tighten controls and improve the response to organized crime.

-EWN

In other news – Jub Jub FIRED from Uyajola 9/9 – Here’s why

South African media personality, hip hop artist, and TV Host Jub Jub has been fired from his cushy Uyajola 9/9 job after a protracted dispute with his bosses over the foul language he allegedly used when addressing his female business partner.

Jub Jub

The publication can reveal that Moja Love, which airs the popular show, kicked Jub Jub to the curb a few days after he sent the channel a letter from his lawyer, Terrence Baloyi, from Baloyi-Ntsako Attorneys, demanding payment of his January salary. Learn More