Govt determined to address FATF concerns, says Ramaphosa

JOHANNESBURG - President Cyril Ramaphosa says government is determined to get off the 'greylist' as quickly as possible.

The Financial Action Task Force penalised South Africa last week for falling short of standards to combat money laundering and other serious financial crimes.

READ: Greylisting puts SA at risk of decreased international credibility: expert

This means the country is under increased monitoring, otherwise known as 'greylisting'.

Ramaphosa says the development is concerning but less dire than some suggest.

And, that they've worked with the FATF to address the 67 recommendations made by the global body.

READ: SA's economic troubles | Greylisting will affect township economies

But experts and financial institutions say the 'greylisting' will impact capital flows into the country.

This will mean less foreign direct investment and possible economic penalties.