South Africa has been greylisted by the Financial Action Task Force (FATF), an intergovernmental body that sets global standards to combat money laundering and terrorist financing.

Well damn. Now we get to be in the same club as Syria, Haiti, Yemen and Mozambique. This position impresses on banks and financial institutions all over the world that South Africa is ‘not fully compliant with anti-money laundering and terrorist financing standards’.

The moves come despite the fact that South Africa has taken steps in recent months to improve its systems.

Friday’s decision was not unexpected. Delivering the Budget in Parliament on Wednesday, Finance Minister Enoch Godongwana said SA should be “prepared for the possibility” of greylisting.

Greylisting means that the cost of doing business in SA will increase as companies are forced to conduct additional due diligence. Ordinary South Africans will however feel the additional red tape when sending money offshore or conducting business with foreign banks.

We wish there was some good news in this, but basically is all bad for foreign investment and capital flows.

We would like to take this opportunity to thank all those involved in hollowing out our institutions, for their impressive and continued corruption of the state, unwillingness to do the right thing, and insistence on following the road signs that say ‘Evil/Stupid This Way’. Special mention to President Ramaphosa for his sterling efforts at keeping the country on a downward trajectory. Additional shoutout to JZ and the Guptas.

Where’s Will Smith with a p@#$ klap when you need him?

[source:news24]