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CORRUPTION NEWS

South Africa’s removal from FATF grey list draws nearer

In February this year we reported that South Africa had addressed all but two of the action items highlighted as regulatory weaknesses by the Financial Action Task Force (FATF), after a mutual evaluation review in 2021. This resulted in the country’s unwelcome debut on the FATF grey list in February 2023. The FATF is the Read more >

CORRUPTION NEWS

Beneficial ownership register up and running in SA

Towards the end of February, the Companies and Intellectual Property Commission (CIPC) met with the Portfolio Committee on Trade, Industry, and Competition to brief members on the status of its implementation of the Zondo commission recommendations pertaining to it, as well as progress on its actions to lift South Africa’s grey-listing. The CIPC’s role in Read more >

CORRUPTION NEWS

A register for beneficial owners: new obligations for shareholders

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 >

CORRUPTION NEWS

Beneficial ownership transparency in Africa slowly gaining ground

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

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 >

CORRUPTION NEWS

New report unpacks the working of social and ethics committees

Contrary to what the name implies, a company’s social and ethics committee (SEC) has nothing to do with behaviour in social situations. Rather, it allows the company to monitor and measure the impact that certain specified activities have on communities and the public at large. In terms of the Companies Act and its associated regulation Read more >