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FATF Greylisting Looks Increasingly Likely

SOUTH AFRICA
  • News24 write on the possibility of South Africa being ‘greylisted’ by the Financial Action Task Force, with a number of analysts seeing greylisting being highly likely in the near future. Despite the concerns surrounding such a listing, economists have flagged that the impact would be less than that of a sovereign credit rating downgrade. South Africa have until end-August to submit supporting documents before a decision is made in early 2023.
  • Ace Magashule’s challenge to reverse his suspension from the ANC, with the constitutional court rejecting the claim that Ramaphosa’s step-aside resolution is unconstitutional. Ace Magashule is a key opponent of Ramaphosa, and was suspended from the party early last year.
  • Sasol’s incoming gas price hike has prompted a warning from industry bodies that the price rise will hurt the poorest subsectors of society and industry, who face a 96% rise in energy costs, according to BusinessLive.
  • Mining and manufacturing production data takes focus going forward, with manufacturing production seen dropping 0.6% on the month and dropping 3.0% on the year.
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  • News24 write on the possibility of South Africa being ‘greylisted’ by the Financial Action Task Force, with a number of analysts seeing greylisting being highly likely in the near future. Despite the concerns surrounding such a listing, economists have flagged that the impact would be less than that of a sovereign credit rating downgrade. South Africa have until end-August to submit supporting documents before a decision is made in early 2023.
  • Ace Magashule’s challenge to reverse his suspension from the ANC, with the constitutional court rejecting the claim that Ramaphosa’s step-aside resolution is unconstitutional. Ace Magashule is a key opponent of Ramaphosa, and was suspended from the party early last year.
  • Sasol’s incoming gas price hike has prompted a warning from industry bodies that the price rise will hurt the poorest subsectors of society and industry, who face a 96% rise in energy costs, according to BusinessLive.
  • Mining and manufacturing production data takes focus going forward, with manufacturing production seen dropping 0.6% on the month and dropping 3.0% on the year.