SA's economic troubles | Greylisting will affect township economies

JOHANNESBURG - South Africa has been added to the Financial Action Task Force's list of greylisted countries.

This means the country is on the list of nations that have failed to adequately put in place measures to tackle illicit financial outflows.

READ: South Africa greylisted

The National Liquor Traders Association says the greylisting will be devastating for township economies.

It says it's not only big companies that will feel the impact, but also the man on the street.

READ: Greylisting expected to put massive dent in SA's GDP

"It's very unfortunate where we find ourselves as a country, especially the credibility of the SA economy," said the association's Lucky Ntimane.

"Of course it will affect the township economy cause we're the down feeder and the end of the food chain in the economy. When the guys on top sneeze we're gonna catch the flu.

"We rely on manufacturers on supply of products for our establishments. If that has an effect on big multinational companies, then it's going to affect us, so we're worried as a country," he said.