Plans are afoot to tackle South Africa’s lackadaisical beneficial ownership regime. The Companies and Intellectual Property Commission (CIPC) has announced that it will implement a beneficial ownership (BO) information collection and storage regime as soon as regulations in that regard are promulgated. Greater BO transparency is a crucial component in the fight against financial crime. Read more >
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South Africa’s national treasury has released a useful fact sheet on the background to and implications of the country’s recent greylisting by the Financial Action Task Force (FATF). Titled What does FATF greylisting mean for a country?, the six-page document explains the role of the FATF and the mutual evaluations all FATF members are required Read more >
By James GeorgeFirst published on Moneyweb It’s a loaded question, and a lot has been done such as President Ramaphosa signing two amendments to our anti-money laundering (AML) and anti-terrorism laws in December last year. The real question, however, is whether these amendments are going to translate into actions being taken. Will we see prosecution, Read more >
The final part of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act is due to commence in the early months of 2023. The General Laws (AML/CTF) bill proposed a sweeping range of integrated reforms to five pieces of legislation which regulated vastly different areas of concern – trusts; non-profit organisations; companies; and Read more >
By Sanan MirzoyevFirst published on Business Day In February 2023, South Africa will almost certainly be making an unwelcome appearance on the Financial Action Task Force’s (FATF) roster of greylisted countries — unless “we perform a few miracles”. These were the words of National Treasury’s Ismail Momoniat when he presented a grim account before Parliament Read more >
In its 2021/2022 annual report, released at the end of September 2022, the Financial Intelligence Centre (FIC) noted that it achieved 17 of its 19 performance goals – and exceeded 10 of the 17. One of these was to contribute to the recovery of stolen money in a way that exceeded its previous achievement. This Read more >
By David ThomasFirst published on African Business The probability of South Africa being greylisted by the Financial Action Task Force (FATF) is as high as 85%, according to a report commissioned by Business Leadership South Africa (BLSA) and compiled by analysts Intellidex. The FATF, an intergovernmental organisation founded to develop policies to combat money laundering Read more >
In a comprehensive joint submission to Parliament’s Standing Committee on Finance today, non-profit organisations Corruption Watch and AmaBhungane expressed concern that the haste with which the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill was developed may have compromised its effectiveness. The bill was prepared in a matter of months after the Financial Read more >
Source: National Treasury Finance minister Enoch Godongwana has tabled the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill [B18-2022] in Parliament, in terms of Joint Rule 159. The Announcements, Tablings and Committee report no 125-2022, issued by Parliament on 25 August 2022, has confirmed that the Bill has been submitted to the Standing Committee on Finance and Read more >