In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa to obtain loans from foreign banks.
A Setback for South Africa
The global financial crimes watchdog, the Financial Action Task Force (FATF), has added South Africa to its grey list, which is a group of countries that are “committed to resolving swiftly the identified strategic deficiencies within agreed timeframes.” According to one report, the inclusion of South Africa in the FATF’s so-called grey list is a major reputational setback for the country which has been eager to avoid being added to the list.
As reported by Bitcoin.com News, a South African financial industry regulator designated crypto as a financial product after the FATF reportedly voiced its concerns over the lack of regulation
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