anti-money laundering Archives

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FTI: writing was on the wall well before SA’s greylisting

09 May 2023, 11:25

In late February 2023, the Financial Action Task Force (FATF) announced the addition of South Africa to its so-called grey list, along with Nigeria, UAE, Tanzania, and Uganda. South Africa failed to satisfactorily address shortcomings in its anti-money laundering and -terrorist financing legal framework – which were highlighted in the FATF 2021 mutual evaluation review (MER). The Read more >

LEGISLATION AND SUBMISSIONS

A register for beneficial owners: new obligations for shareholders

20 Apr 2023, 12:58

By Eric JordaanFirst published on Moneyweb Following South Africa’s greylisting in February – and the recommendations made by the Financial Action Task Force (FATF) – the General Laws Amendment Act (Anti-Money Laundering and Combating Terrorism Financing) places new obligations on companies to register prescribed information regarding beneficial ownership. Of the eight areas of strategic deficiencies Read more >

LEGISLATION AND SUBMISSIONS

Beneficial ownership transparency in Africa slowly gaining ground

28 Mar 2023, 13:13

A report released in mid-March 2023 by the Tax Justice Network (TJN) shows a slow but steady implementation of beneficial ownership transparency (BOT) regulations across the African continent. Titled Beneficial Ownership Transparency in Africa in 2022, the report reveals the state of play of the introduction of laws addressing the lack of BOT, and examines Read more >

CORRUPTION NEWS

CIPC says SA’s beneficial ownership register almost here

06 Mar 2023, 14:33

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 >

LEGISLATION AND SUBMISSIONS

Fact sheet on South Africa’s FATF greylisting

02 Mar 2023, 12:36

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 >

CORRUPTION NEWS

Has SA done enough to avoid joining the FATF grey list?

06 Feb 2023, 10:15

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 >

LEGISLATION AND SUBMISSIONS

Early 2023 commencement for balance of General Laws amendment act

06 Jan 2023, 11:07

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 >

LEGISLATION AND SUBMISSIONS

Urgent need for bill to clarify laws around fake company fronting

07 Nov 2022, 9:16

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 >

CORRUPTION NEWS

FIC helps with recovery of over R5-billion in criminal proceeds

21 Oct 2022, 12:25

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 >