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New South African banknotes at the value of 10, 20, 50, 100 and 200 rand depicting former South African president Nelson Mandela are displayed at the the South African Reserve Bank (SARB) on July 13, 2018, in Pretoria, South Africa. (Phill Magakoe /AFP via Getty Images) JOHANNESBURG—The world anti-money laundering organization Financial Action Task Force (FATF) has “grey-listed” Africa’s two biggest economies, Nigeria and South Africa.
The Paris-based task force said the action was taken because both countries hadn’t done enough to prevent illicit financial flows and terrorist financing.
Financial experts warn the gray-listing could be “devastating” to Nigeria’s and South Africa’s economies, both heavily based on extractive industries such as oil and gold mining, as it would reduce foreign direct investment.
The agency monitors governments to check that they’re following basic principles of financial regulatory oversight. South Africa’s President Cyril Ramaphosa delivers his opening remarks at the Department of International Relations […]
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