It’s good news as SA is removed from the international grey list - Cosatu

SOUTH Africa received well deserved good news with the United Nations’ Financial Action Task Force (FATF)’s announcement that it has been removed from the international grey list. This is a positive victory for workers, the economy, the state and society.

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Our grey listing in February 2023 was a painful blow. It was a vote of no confidence in South Africa's governance, law enforcement and financial systems by the international community. It was a loud deterrent to international investors considering investing in our economy. It was not surprising given our painful decade of state capture and corruption.

It took an incredible amount of collective work by various government institutions, Parliament and the banking sector to ensure South Africa's exit from the grey list.

We must commend the sterling work done by government, in particular Treasury, the South African Revenue Service, Financial Intelligence Centre and the Reserve Bank as well as their pears in the private banking sector to address the FATF’s 22 findings.

Similarly, Parliament moved with speed and determination to strengthen and pass the General Laws Amendment Act amongst other legislation.

South Africa has done well to exit the grey listing within two and a half years.

In a year when fake news and outright disinformation have been unleashed against South Africa, this is a wonderful vote of confidence by the international community.

It is a sign that under government led by President Cyril Ramaphosa and the African National Congress, that we are turning the corner in rebuilding the state and cleansing it of the cancer of corruption and criminality.

This achievement is of great importance to workers and the working class for several reasons.