counter financing of terrorism Archives

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Physician, heal thyself before attempting to heal others of corruption

20 Jul 2023, 12:27

By Janine Erasmus – CW Voices “Nigeria and Afghanistan – possibly two of the most corrupt countries in the world.” This politically naīve statement (as we shall see) was uttered by then British prime minister (PM) David Cameron ahead of an anti-corruption summit that took place there in May 2016. But having covered and studied Read more >

CORRUPTION NEWS

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

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

Cabinet approves bill to boost fight against money laundering

31 Aug 2022, 11:01

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 >