Information Minister Michael Makuei speaking to reporters after the council of Ministers meeting chaired by President Salva Kiir on Friday, 6th Oct 2023. (Photo: Charles Wote/Eye Radio).

South Sudan has survived suspension from the SWIFT code system after a global money laundering and terrorist financing watchdog found it in conformity with all financial rules and regulations, the government spokesperson said.

Information Minister Michael Makuei said SWIFT, rather known as the Society for Worldwide Inter-bank Financial Telecommunications, wanted to suspend South Sudan from the global financial code system.

This was after SWIFT accused South Sudan of violating financial rules and regulations.

“The government of South Sudan was accused of violating the nation rules and regulations and especially with issue to do with SWIFT code and fight against money laundering and so on,” Makue told the media after a cabinet meeting on Friday.

Makuei said this prompted the Financial Action Task Force (FATF) to carry out an assessment – which later found that Juba has been conforming to all the financial rules and regulations.

The information minister said the South Sudan Minister of Foreign Affairs and International Cooperation Dr. James Pitia Morgan negotiated the matter with FAFT during his recent visit to the United State of America.

“They wanted to suspend us from the SWIFT code system and the minister went there, and negotiated with them, and a team was set up, and an assessment was made.”

“After the assessment was made, the Financial Action Taskforce found that the government of South Sudan is conforming to all the financial rules and regulations and as such, it does not require any financial action against it.”

SWIFT is a vast messaging network used by financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions.

Financial institutions use SWIFT to securely transmit information and instructions through a standardized code system.