The Congress of South African Trade Unions (COSATU) commends government’s progress in addressing the United Nations’ Financial Action Task Force (FATF)’s grey listing findings with 20 out of the 22 having been addressed.  The tireless efforts by Treasury and other government departments as well as Parliament are bearing fruit.

It is critical that government move with speed to address the remaining two items and ensure that South Africa’s removal from the grey listing can be secured by October 2025. It is important to ensure that not only do we resolve FATF’s findings in letter, but in action.  This requires ensuring relevant state institutions, in particular the South African Revenue Service, the National Prosecuting Authority, the Special Investigations Unit, the courts and the South African Police Service; have the resources, including skilled personnel, to tackle corruption, tax evasion, money laundering and terrorism financing.  Recent court cases in this regard provide positive hope of government’s efforts to tackle such crimes.

COSATU will continue to support government’s efforts in this regard, including nudging the Department of Trade, Industry and Competition to finalise the promulgation of the Companies Amendment Acts’ provisions providing for the full disclosure of company ownership.

South Africa’s exit from grey listing will boost collective efforts to attract the investment badly needed to stimulate growth, unlock key economic sectors and create jobs as many pension and investment funds are prohibited from in grey listed countries.

Issued by COSATU

Matthew Parks(Parliamentary Coordinator)

Mobile: 082 785 0687

Email: matthew@cosatu.org.za