Global body places South Sudan on money laundering watch list


July 1, 2021 (KAMPALA) – South Sudan is among the four countries placed on a “grey list” of nations under increased monitoring to counter money laundering and terrorist financing last month.

A man from South Sudan displays new currency notes outside the Central Bank of South Sudan in Juba July 18, 2011. (Reuters)

Also included on the list are Malta, Haiti and Philippines.

Formed in 1989, FATF is international organisation that coordinates global efforts to crack down on money laundering and terrorism financing.

The additional countries bring to 22 the total number of countries currently under increased monitoring by the international watchdog.

FATF, in a statement, said countries on its watch list are working with it to correct the deficiencies existing in their financial systems.

In June 2021, South Sudan made a high-level political commitment to work with the FATF to strengthen the effectiveness of its Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime.

Under this commitment South Sudan reportedly vowed to work to implement its action plan, including conducting a comprehensive review of the AML/CFT Act (2012), with the support of international partners, including technical assistance, to comply with the FATF Standards.


Source: sudantribune