The Congress of South African Trade Unions (COSATU) commends the African National Congress led government’s progress in addressing the United Nations’ Financial Action Task Force (FATF)’s grey listing findings with all 22 findings now having been addressed and South Africa’s exit from grey listing secured. 

The tireless efforts by Treasury, the Financial Intelligence Centre, the Reserve Bank and other government departments as well as Parliament to action the FATF and the Zondo Commission into State Capture and Corruption’s findings are beginning to bear fruit.

Whilst welcoming this important achievement, it is critical to not only resolve FATF’s findings in letter, but in action.  This requires ensuring relevant state institutions, in particular the South African Revenue Service, Financial Intelligence Centre, Reserve Bank, National Prosecuting Authority, Special Investigations Unit, Judiciary and 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 commitment to tackle such crimes.

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

This milestone is a positive vote of confidence in South Africa by the international community. South Africa’s exit from grey listing will boost collective efforts to attract the investment needed to stimulate badly needed economic growth, unlock key sectors and create jobs, as many pension and investment funds are prohibited by their rules from investing in grey listed countries.

Issued by COSATU

Matthew Parks (COSATU Parliamentary Coordinator)

Mobile: 082 785 0687

Email: matthew@cosatu.org.za