The Russia-Ukraine war continues to rage on, as does the geopolitical rivalry between Russia and the West. Both Russia and the West have sought to woo Africa, but in this power struggle, African countries often find themselves caught in the crossfire and become the collateral damage. Recent developments suggest that South Africa has become entangled in a similar situation. As South Africa consistently defies the West’s diktats, it has now finally invited the wrath of the West which has been unleashed in the form of the FATF.
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South Africa added to FATF grey list
The International financial crime watchdog the Financial Action Task Force (FATF) has added South Africa to its “grey list” of countries under special scrutiny to implement standards to prevent money laundering and terror financing. However, this move is likely a predictable arm-twisting tactic by the West in retaliation against South Africa’s almost belligerent stand against the West. On the UN resolution against Russia, South Africa was one of the 17 African countries that abstained from voting.
The West’s frustration with South Africa has reached an all-time high, as despite their attempts to woo the country, it maintained its change on Russia. Even after US Treasury Secretary Janet Yellen’s recent Africa visit, during which she met with South African leaders, the country continued to outwit the West by proceeding with a naval exercise with Russia and abstaining from condemning Russia’s invasion of Ukraine at the UN. Consequently, the West is now pushing South Africa by adding it to the FATF grey list. This reputational setback is a blow to Africa’s most advanced economy, which has been trying to address shortcomings identified by the FATF.
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Ultimately, FATF is the latest weapon to be unleashed against South Africa for its support toward Russia, after all other attempts at coercion failed. Despite the West’s attempts to coerce South Africa, Ramaphosa is not going to bow down to their demands. Instead, he will continue to maintain an independent voice for the country.
