South Africa president vows to tackle dirty money after FATF 'grey' listing

South Africa President Cyril Ramphosa on Monday (February 27), that the country would seize "an opportunity" to tackle dirty money. The statement from the president came after South Africa was placed on 'grey list' by Financial Action Task Force (FATF), global money laundering and terror funding watchdog.

The FATF sets standards for more than 200 countries and jurisdictions on cross-border financial crime -- a system intended to encourage national authorities improve their performance.

"The grey listing is an opportunity for us to tighten our controls and improve our response to organised crime", Ramaphosa said in his weekly newsletter.

Add WION as a Preferred Source

"The situation is concerning but less dire than some people suggest," he added.

"The fundamentals are in place and we know what we need to do to get off the grey list," Ramaphosa said, stressing he was "determined to do this as quickly as possible".

South Africa's state sector was devastated by corruption under former president Jacob Zuma, which Ramaphosa vowed to clean up when he took office five years ago.

The radical leftist opposition party, the Economic Freedom Fighters (EFF), reacted strongly to the grey listing, lashing Ramaphosa as "a criminal who is leading a criminal state".

Ramaphosa is "part of the reasons why South Africa has been grey listed," it said on Friday.

South Africa and Nigeria were the only new entries to the "grey list," whose 23 members include the Cayman Islands, Democratic Repupublic of Congo, the Philippines, Syria and Yemen.

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

WATCH WION LIVE HERE