Speaking at the Dinokeng Game Reserve outside Pretoria, Yellen
told South African officials that the new task force aims to
boost information sharing between the two country's financial
intelligence units and to strengthen controls to combat money
laundering and terrorist financing.
The move comes amid South African media reports that the
Paris-based Financial Action Task Force (FATF), which sets
standards on combating money laundering and wildlife
trafficking, could add South Africa to its grey list when it
meets in February 2023.
Grey-listed countries are subject to greater monitoring by the
FATF on concern they are at higher risk for money laundering and
terrorist financing.
Yellen said the U.S. Treasury already worked to provide
information on wildlife trafficking to law enforcement partners,
and had also worked alongside South Africa with FATF to identify
indicators associated with money laundering and wildlife
trafficking.
"Through closer collaboration to target illicit proceeds linked
to wildlife trafficking, as well as overlapping criminal
activity like corruption, fraud, and drug trafficking, we are
taking a step in the right direction today," Yellen said after
touring the game preserve, which has suffered from poaching of
wild animals, including rhinoceros.
"To make an impact against this harmful crime and the illicit
financing that accompanies it, we must use this as an
opportunity to build a consistent and durable approach," Yellen
said.
(Reporting by Andrea Shalal; Editing by Sharon Singleton)
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