From Moneyweb By Ryk van Niekerk

“Our financial sector is intact. There are no findings against our financial sector…”

Enoch Godongwana and Hendrik du Toit talk about the FATF greylisting

The minister of finance and the CEO of Ninety One discuss the implications for the country, with the latter saying that we as South Africans ‘must address the deeper malady, speak bluntly, and not accept feeble excuses’.

RYK VAN NIEKERK: On Friday the Financial Action Task Force, FATF, put South Africa on its grey list. That means that South Africa has failed to comply with international standards to combat corruption, money laundering and the financing of terrorism. The National Treasury has worked very hard in the past year to avoid this, but we have nonetheless been put on this list.

On the line we have Enoch Godongwana, the South African Minister of Finance. Minister, thank you so much for joining me. Were you surprised at the announcement?