Democratic Alliance (DA) spokesperson on Finance Dr Mark Burke on Wednesday said South Africa’s institutional infrastructure must continue to be strengthened, particularly the skills needed to detect and prosecute money laundering and terrorism financing.

This follows the EU’s decision to remove South Africa from its list of High-Risk Third Country Jurisdictions.

Burke explained that being on this list has compelled European banks to conduct enhanced due diligence on South African companies, with the attendant cost and exclusion risks.

“It makes business tougher when our country desperately needs fewer obstacles to financial success,” he said.

He said South Africa cannot afford backsliding.

He claimed that the DA’s part in a coalition government – with Ministers on the Ministerial Committee on the Budget and a Deputy Minister inside National Treasury and the Department of Trade, Industry and Competition – had played a part in South Africa’s ratings upgrades, global greylist removal, cheaper bond financing, a lower inflation target and stabilising national debt.

“We understand that for as long as millions remain unemployed, these achievements should be noted rather than celebrated. The road is long, it’s full of potholes but the car now ceases to be in reverse. We are gradually but undoubtedly moving forward,” he said.