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On Wednesday, 19 February 2025, Premier Alan Winde chaired a regular meeting of his provincial Cabinet. Premier Winde opened the meeting by welcoming the latest Quarterly Labour Force Statistics, which show that the Western Cape still has the lowest unemployment rate in South Africa, at 19.6% in Quarter 4 2024. The Western Cape now leads …
Dear Editor Eskom’s announcement of a return to Stage 3 loadshedding until further notice rings huge alarm bells. Eskom’s silence on the reasons behind this is shocking and continues to speak to a lack of transparency. While South Africans have been repeatedly told that loadshedding is behind us, this has been far from true. A …
South Africa makes strides towards removal from FATF grey list
The National Treasury has expressed satisfaction with the progress being made to remove South Africa from the Financial Action Task Force (FATF) grey list.
This follows an announcement by the FATF on Friday, in which it upgraded four of the six outstanding action items at the conclusion of its latest plenary meetings in Paris, France.
The FATF is the international standard-setting body that oversees global compliance with anti-money laundering rules.
The FATF grey list refers to the FATF’s practice of publicly identifying countries with strategic AML/CFT deficiencies.
The FATF maintains two such lists with one being jurisdictions under “increased monitoring” that are actively working with the FATF to address strategic deficiencies in their regimes” and secondly “high-risk jurisdictions subject to a call for action” that are not actively engaging with the FATF to address these deficiencies.
South Africa was grey listed by the FATF in February 2023 for not complying with international standards that relate to money laundering and addressing illicit financial flows.
According to the National Treasury, South Africa has now addressed or largely addressed 20 out of the 22 action items outlined in its Action Plan. The two remaining items are expected to be addressed in the reporting period from March 2025 to June 2025.
“This would enable South Africa to be considered for delisting from the FATF grey list in October 2025,” National treasury said in a statement.
The FATF Plenary adopted the report and recommendations of the Africa Joint Group on 21 February 2025 and noted South Africa’s progress in its public statement: “Jurisdictions under Increased Monitoring – 21 February 2025” (FATF Update on grey-listed countries February 2025).
The National Treasury commended the collaborative efforts of financial and non-financial regulators, beneficial ownership registries, and law enforcement agencies in securing the upgrade of the four action items.
“National Treasury welcomes the efforts of financial and non-financial regulators and beneficial ownership registries and its law enforcement users, in securing upgrades for the four action items they were directly responsible for in the current reporting cycle.
“Treasury also notes the ongoing efforts by all the law enforcement agencies to demonstrate the significant progress in respect of the two action items not yet upgraded, relating to the investigation and prosecution of serious and complex money laundering and of terrorist financing,” Treasury said.
The FATF statement issued after its Plenary states the following in relation to South Africa:
“Since February 2023, when South Africa made a high-level political commitment to work with the FATF and ESAAMLG to strengthen the effectiveness of its AML/CFT regime, South Africa has taken steps towards improving its AML/CFT regime including by demonstrating that all supervisors apply effective, proportionate, and effective sanctions, ensuring competent authorities have timely access to accurate and up to date BO information on legal persons and arrangements and applying sanctions for breaches of violation by legal persons to beneficial ownership obligations.
“South Africa should continue to work on implementing its action plan to address its remaining strategic deficiency on demonstrating a sustained increase in investigations and prosecutions of serious and complex money laundering and the full range of TF activities in line with its risk profile,” said the FATF.
“The decision by the FATF Plenary to extend the reporting cycle for the two action items on investigations and prosecutions for serious and complex money laundering and terror financing activities reflects the fact that these are the most demanding goals of every country’s systems for combating money laundering and terrorist financing, particularly since they require a country to demonstrate that the improvements made are sustained over successive reporting periods,” Treasury explained.
Treasury emphasised that South Africa continues to address both outstanding action items by June 2025 to enable an exit from grey listing by October 2025.
“Our investigation and prosecution teams are working closely in terms of a prosecution-guided investigation strategy to ensure that we demonstrate the sustained progress as required by FATF. These improvements are critical not just for getting off the grey list, but, critically, for strengthening the fight against crime and corruption,” Treasury said. – SAnews.gov.za
DikelediM
Sun, 02/23/2025 - 10:57
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By Tumi Rabanye, Managing Partner – Strategy at Leagas Delaney South Africa I do not consider myself an early adopter of technology, nor do I consider myself a late adopter. I’d say I’m one of those that need just enough of the right kind of nudges to get me to trial and thereafter, I quite …
In a significant announcement at the Guyana Energy Conference and Supply Chain Expo being held from, February 18 - 21, Prof. Benedict Oramah, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank) (www.Afreximbank.com), declared the multilateral Bank's intention to establish a $1 billion oil service financing facility in Guyana. This initiative aims to enhance local participation in the country's fast growing oil industry, in alignment with the government's local content policies. The Bank will deploy the $1 billion facility directly to qualifying corporate clients or through a factoring line via local banks, enabling them to finance invoices from local contractors.
President Oramah highlighted the transformative potential of Guyana's estimated 12 billion barrels of crude oil reserves. Emphasising the transformative power in proactive resource management, he advised Guyana to aggressively harness and build capital from its oil resources.
He said, "Given the level of oil production in Guyana and its offshore location, I estimate that the oil service sector would amount to 5 to 8 billion US dollars annually. But where will it go? Most of it would be paid to oil service companies abroad, if Guyana does nothing to avoid that. A 50% retention in Guyana would increase Guyana's GDP by 29% to 47%.” As such, he called for robust local content policies that would enable Guyanese entrepreneurs to become significant players in the oil value chain.
Based on Afreximbank's rich history of supporting commodity-dependent economies, President Oramah shared insights to complement the ongoing efforts of the Guyanese government. He acknowledged the inherent risks associated with dependency on a single commodity and laid stress on the importance of diversification.
He cautioned, “The commodity market is prone to volatility and cyclicality; hence, the reliance on crude revenues as a primary source of government funding could expose the national economy to volatile commodity markets." As such, he advised the government to secure long-term off-take contracts with oil service companies, which will enhance market access and price stability.
In the spirit of deepening Afri-Caribbean partnership, President Oramah remarked that skilled oil service companies from Ghana, Egypt, and South Africa, are "ready and willing to support Guyanese... And of course, Afreximbank is there to underwrite the marriage.”
He added that: “These measures are necessary if Guyana and other new entrants in the Caribbean and Africa are to avoid the painful "Dutch Disease. We make these suggestions based on the three long decades of financing oil and gas activities across Africa. We have witnessed oil-dependent economies transform for better or worse through these periods. In all these, the difference reflected the policy choices the leaders made.”
Distributed by APO Group on behalf of Afreximbank.
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Vincent Musumba
Communications and Events Manager (Media Relations)
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank's total assets and contingencies stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.Afreximbank.com
Saturday, 1 March 2025, is about to get muy caliente as Rosebank Mall brings you the Mexican Street Feast — a full-day celebration of bold flavours, vibrant culture, and unforgettable fun! From 11am to 8pm, Bath Avenue will transform into a sizzling fiesta filled with mouth-watering Mexican food, electrifying beats, and an energy-packed street party …
The Springbok Women concluded another productive training camp at the Stellenbosch Academy of Sport on Friday, with the important aspect of law interpretation a key aspect to the week’s preparation and focus. According to Bok Women assistant coach Franzel September, good work was done with regards to their fundamentals, but importantly, attention to detail to …
With one productive opposed training session already under their belts, the Junior Springboks are now ready to switch to game mode when they face their Georgian Under-20 counterparts in Tbilisi on Sunday afternoon (16h00 SA time). The teams have agreed to allow rolling substitutions for the first meeting, meaning all 30 squad members will get …
As Dekra Industrial and its adult-based education and occupational skills training division, the Institute of Learning (IOL) embark on a new year, the company reaffirms its commitment to offering a truly holistic service across many different sectors. “By seamlessly integrating non-destructive testing (NDT) inspections together with adult-based education and occupational skills training, Dekra Industrial provides …
Dear Editor Friday’s release of the crime statistics reflects the horrific daily experiences of South Africans. Despite some reduction in key crimes such as murder, if you ask anyone across communities whether they feel safer, their answer would be no. From October to the end of 2024: 6953 people were murdered [76 daily], including 7 …
Dear Editor The Democratic Alliance (DA) demands that Health Minister Dr. Aaron Motsoaledi immediately halt the taxpayer-funded propaganda campaign for the National Health Insurance (NHI). This campaign is an unnecessary and wasteful use of public funds, especially at a time when South Africa’s public healthcare system is in dire need of qualified doctors, nurses, and …
Electricity Minister and Eskom to provide power update
The Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa and Eskom will provide an update on the status of South Africa’s electricity generation performance at a briefing this morning.
Sunday’s briefing follows an announcement by Eskom that it has implemented Stage 6 load shedding.
“Eskom regrets to announce that Stage 6 load shedding was implemented at 1:30am due to multiple unit trips at Camden Power Station and will continue until further notice.
“This measure followed the implementation of Stage 3, necessitated by multiple unit trips at Majuba Power Station and a unit trip at Medupi that resulted in a loss of 3 864 MW in generation capacity, while planned maintenance accounted for 7 506 MW,” the power utility said in social media post.
In Sunday’s social media post on X, Eskom said Stage 6 load shedding was necessary to “replenish emergency reserves and prepare for the week ahead.”
On Saturday, the power utility implemented Stage 3 load shedding.
“Following over 20 days of uninterrupted electricity supply, Eskom has encountered another temporary setback. As a result, Stage 3 load shedding will be implemented from today at 17:30 until further notice,” it said at the time.
The briefing in Pretoria is expected to start at 11 am. -SAnews.gov.za
Neo
Sun, 02/23/2025 - 09:32
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The oversubscribed demand for public universities reflects a far more profound systemic issue. Bridging this gap requires viewing private higher education institutions not just as alternatives but necessary partners in building a stronger educational ecosystem that moves our country forward, writes Siegie Brownlee, CEO at Eduvos. South Africa finds itself at a critical juncture in …
By Stephan van der Merwe, Head of Commercial Banking Suite (Western & Eastern Cape) at Business and Commercial Banking, Standard Bank South Africa: The Cape Town Cycle Tour, the largest timed cycling event in the world, sets an example for large-scale sustainability efforts. A cyclist, gliding effortlessly through nature, is a powerful symbol of harmony …
Dear Editor The Democratic Alliance Gauteng is calling for political links to be probed for the R500 million wasted on renovating the Anglo Ashanti Hospital. This follows the Special Tribunal declaration to set aside the decisions of the Gauteng departments of Health and Infrastructure Development to enter into the lease agreement for this property. Earlier …
Shane Watson has backed all-rounder Glenn Maxwell to dominate the ICC Men’s Champions Trophy 2025 and lead Australia to yet another ODI title. Maxwell might be 36 years old and boast more than 250 international caps across three formats, but his form in the Big Bash – where he was one of two Players of …
Palestine Solidarity Campaign renews call for SA government to cut ties with Israel, among other demands
Scientists aboard the SA Agulhas II have been tracking ocean health
22 February 2025 – Banyana Banyana beat Lesotho 1-0 in the first international friendly between the two neighbouring countries in a match played at the University of Johannesburg’s Soweto Campus on Saturday afternoon. The lone strike that separated the two sides came off the boot of Nobahle Mdelwa who converted from the penalty spot to […]
The post Banyana beat Lesotho in first international friendly first appeared on SAFA.net.
CENTURION: A remarkable counter-attacking century by Dewald Brevis was not enough for the Momentum Multiply Titans as three late wickets by...
Vusi Banda – Mondlo Township Civic Organisation chairperson – was murdered on Thursday
Despite waivers, court judgments and assurances from the embassy, USAID funding for projects that provide HIV medication has not resumed
Krugerrands are one of the most recognized and popular forms of gold investment in South Africa and across the globe. Whether you’re buying or selling, understanding the current market conditions and knowing the Krugerrand price is essential. In this article, we’ll explore what Krugerrands are, how their value is determined, and where you can go …
Selling gold is a quick way to convert your precious metal into cash. Whether you have old gold jewellery, coins, or bullion, the process can be straightforward if you know what to look for. This article will guide you through the steps involved in selling gold and provide tips on how to get the best …