SOUTH Africa’s inclusion on a global watchdog’s dirty-money watchlist is unlikely to have an immediate impact on its credit ratings, according to Fundi Tshazibana, a deputy central bank governor.
The Paris-based Financial Action Task Force put South Africa on its so-called grey list in February because of shortcomings in tackling illicit financial flows and terrorism financing, and gave it until January 31, 2025 to address the deficiencies. Among the measures it must take is to step up corruption investigations and prosecutions, and ensure the authorities have timeous access to accurate and up-to-date beneficial ownership information.
“The reason why the ratings agencies are saying that they’re not going to yet look at it negatively is that the nature of grey listing is that you are under enhanced monitoring” so remedial action can be taken, Tshazibana said in an interview last week.
“It only becomes a problem if you’re missing your deadline
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