Finance Minister Enoch Godongwana says the government has learnt valuable lessons from being greylisted by the global anti-corruption watchdog, the Financial Action Task Force.
This includes increased oversight on whether money guised as political party donations is being used for terrorism activities.
Addressing a symposium on political funding in Durban on Thursday, Godongwana said being greylisted had been a good challenge for the government.
Enoch Godongwana
The government’s investment and trade prospects were said to have been severely dented when it was greylisted by the FATF in February 2023.
Since then, the government has been under the whip to tick off 22 action items to prove it’s got a grip on the prevention of money laundering and anti-terrorism financing.
The country was removed from the notorious FATF list last week, after introducing new legislation and tightening its financial controls.
Godongwana said it was the first time an omnibus bill was tabled, that cut across government departments.
“It was a positive development in that sense, in that it taught us how to operate and work as a government, as a whole.”
Godongwana says he was being alerted by the United States every six months about South African bank accounts being sanctioned on suspicion of financing terrorist activities.
In other news – Zakes Bantwini graduates from Harvard Business School
Grammy Award-winning artist Zakes Bantwini, whose real name is Zakhele Madida, has added another remarkable achievement to his name — graduating from the prestigious Harvard Business School in the United States.
Known for chart-topping hits like Osama, Imali, and Clap Your Hands, Zakes has proven he’s not only a force in music but also in business. Zakes completed an executive education programme focused on the business of entertainment, media, and sport. Read More
