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 substantially addressed. The tireless efforts by Treasury, other government departments as well as Parliament are bearing fruit.
It is critical that government move with speed to conclude the remaining processes, including the pending onsite inspection to 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 Judiciary 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 expedite the promulgation of the Companies Amendment Acts' provisions providing for the full disclosure of company ownership.
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South Africa's exit from grey listing will boost collective efforts to attract the investment badly 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.
