A JOURNEY OF RESILIENCE, PERFORMANCE AND UPLIFTMENT

INSIDE: ANALYSIS: HOW GOVERNMENT SPENDING CAN STIMULATE SA’S ECONOMY

ICT: WITH THIS APP ENTREPRENEURS CAN START AN ONLINE SHOP IN SECONDS

ENTREPRENEUR: TAKING AFRICAN INNOVATION TO THE NEXT LEVEL, $1M ORDER

GUEST NOTE: SLOW TRANSFORMATION IN THE LEGAL FRATENITY REMAINS

The Financial Action Task Force (FATF) greylisted South Africa last week. Just as I thought South Africa could be approaching rockbottom because of loadshedding, now it has a new low and one can be assured that rock-bottom isn’t far. Before we dig deep into greylisting, what is the FATF? The FATF is a global financial watchdog that comes up with international standards relating to money laundering, terrorist financing, and the financing of weapons of mass destruction. This is serious stuff folks. The rand dropped by 1.2% against the US dollar after the announcement was made on Friday, February 24. I immediately took interest as to what this means for the ordinary South African or a budding investor like me. Brace yourselves ladies and gents, it might get rough.

So, it turns out that our government which is a member state of the FATF has not been up to date with some of the rules of the FATF which include making sure that government maintains and meets the requirements of the watchdog including strengthening financial laws, responding to its communication, reporting, and making submissions. It is known that criminals and terrorists are attracted to countries where financial systems and regulations are weak, and we happen to be one of those in the eyes of the watchdog. Apparently, the problem