"We are working with it, there [are] lots of complexities, and if we do not watch it there will be a rush to the door and we will create liquidity problems," said Momoniat.
“For such reasons, National Treasury has adopted a multi-pronged approach to transformation that seeks to enhance market conduct, market development and financial inclusion.”
The central bank added that while the banking sector had remained solvent, liquid, profitable and well-capitalised, its ability to support private sector growth and the economic recovery agenda drive in 2021 had weakened due to a moderation in credit disb
The benefits of Guernsey as a jurisdiction are well known in South Africa, notably its solid, world-class legal and regulatory framework offering investor protection and the established and experienced professional services available on the island.
The order was granted in terms of section 39 of the Prevention of Organised Crime Act, which allows a high court to freeze assets if "reasonable grounds" exist to believe that the proceeds may result from unlawful activities.