Freedom Front Plus
Freedom Front Plus

Grey list: ANC government was repeatedly warned to take action

The ANC government was repeatedly warned to take action to meet certain requirements to avoid the so-called international "grey list" of countries where fraud and money laundering are rampant.

Improvement was mainly needed in two areas to avoid grey list status. The first was making relevant legislative amendments and secondly, demonstrating that financial offences are effectively combated.

The ANC failed in both respects. The legislative process clearly failed and as government, the ANC is losing the fight against fraud and corruption.

In fact, corruption is characteristic of the ANC and all the state institutions under its control.

Government waited until the eleventh hour to start working on putting the necessary legislation in place.

The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill was only debated in Parliament at the end of November last year.

At the time, the FF Plus warned that the flawed legislative process will inevitably land the country on the grey list. And that is exactly what has happened.

The Financial Action Task Force (FATF), which controls the grey list, found that South Africa met twenty out of the forty set requirements to avoid the list only partially or not at all.

For South Africa to rub shoulders with Nigeria on this list is a new low point, even for the ANC, and it will surely damage the country's image in the international eye even further.

This turn of events will have serious repercussions for the country. South Africa's Gross Domestic Product (GDP) will be dealt a severe blow.

Usually, the countries that are grey listed immediately suffer a loss in direct capital as well as foreign investment.

Given South Africa's current economic condition post Covid-19, sky-high unemployment and the power crisis, the country could really not afford to end up on the grey list as well.

The ANC has once against demonstrated its sheer inability to govern, and that illegal activities are allowed to flourish under its rule.

The international community has now officially branded South Africa as a country where corruption and fraud are rampant.

South Africa urgently needs a responsible government that does not turn a blind eye to illegal practices, but does everything in its power to combat it. That is a government sans the ANC.



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