US to partner with SA to address greylisting issues
Key barriers to FDI
William Brederode
Deputy secretary at the United States Treasury, Wally Adeyemo, has said that country is committed to collaborating with South Africa to combat terror financing and illicit financial flows, key barriers to attracting foreign investment given South Africa’s greylist status.
Adeyemo, who serves under Janet Yellen, briefly addressed the media in Pretoria yesterday during his week-long visit to the country.
He said the partnership between the US and SA should be based on a shared commitment to grow both countries’ economies.
“Our partnership at its core is about what we can do to grow both of our economies,” said Adeyemo.
He added that the efforts being undertaken to address deficiencies in SA’s ability to combat illicit and terror financing were crucial to attracting foreign investment.
“The steps that you are taking to address the risks associated with illicit finance, and also with the financing of terrorism, are important steps that are needed to attract more capital from the US and more capital from around the world, and the US wants to be your partner,” he said.
Committed
He said the US was committed to helping address these issues.
“We look forward to further our conversations about how we can work together to combat illicit financial flows in both of our economies and combat the financing of terrorism,” said Adeyemo.
SA’s deputy minister of finance, David Masondo, also addressed the media and echoed the need for collaboration put forward by Adeyemo.
“We will work together to strengthen our relationship with trade, our relationship as far as investment is concerned, and in combating terror finance, corruption and all that - we learn from each other, we support each other on a whole range of issues that are important to investors here,” he said.
He said that attracting greater investment was critical to growing the South African economy and addressing critical societal issues such as unemployment.
Compliance
SA was added to the greylist by the Financial Action Task Force in February last year for failing to comply with international money laundering and terrorist financing standards.
Greylisting status is an impediment for global banks, financial institutions, and investors looking to do business in South Africa.
In February this year, it was revealed that SA had only achieved five of the 23 actions needed to exit the list.
SA is therefore expected to remain on the list for at least another year. – Fin24
Deputy secretary at the United States Treasury, Wally Adeyemo, has said that country is committed to collaborating with South Africa to combat terror financing and illicit financial flows, key barriers to attracting foreign investment given South Africa’s greylist status.
Adeyemo, who serves under Janet Yellen, briefly addressed the media in Pretoria yesterday during his week-long visit to the country.
He said the partnership between the US and SA should be based on a shared commitment to grow both countries’ economies.
“Our partnership at its core is about what we can do to grow both of our economies,” said Adeyemo.
He added that the efforts being undertaken to address deficiencies in SA’s ability to combat illicit and terror financing were crucial to attracting foreign investment.
“The steps that you are taking to address the risks associated with illicit finance, and also with the financing of terrorism, are important steps that are needed to attract more capital from the US and more capital from around the world, and the US wants to be your partner,” he said.
Committed
He said the US was committed to helping address these issues.
“We look forward to further our conversations about how we can work together to combat illicit financial flows in both of our economies and combat the financing of terrorism,” said Adeyemo.
SA’s deputy minister of finance, David Masondo, also addressed the media and echoed the need for collaboration put forward by Adeyemo.
“We will work together to strengthen our relationship with trade, our relationship as far as investment is concerned, and in combating terror finance, corruption and all that - we learn from each other, we support each other on a whole range of issues that are important to investors here,” he said.
He said that attracting greater investment was critical to growing the South African economy and addressing critical societal issues such as unemployment.
Compliance
SA was added to the greylist by the Financial Action Task Force in February last year for failing to comply with international money laundering and terrorist financing standards.
Greylisting status is an impediment for global banks, financial institutions, and investors looking to do business in South Africa.
In February this year, it was revealed that SA had only achieved five of the 23 actions needed to exit the list.
SA is therefore expected to remain on the list for at least another year. – Fin24
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