In being grey listed South Africa joins a list of countries with poor governance. Others are war zones or countries with jihadist terror groupings operating on their land.
Anti-money laundering efforts are based on measuring activity, not results. To cut crime and terrorism, we need a frank conversation about where the system has gone wrong.
The UK is no slouch when it comes to protecting against financial crime. It follows the relevant European directives, which require that banks have sufficient anti-money-laundering controls in place to…