Posts

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

Comments invited on the 2024 Draft General Laws (AML/CTF) Amendment Bill

The draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill is currently available for written comment. National Treasury (NT) published the bill in mid-December 2024. Submissions in writing must be received by no later than 6 February 2025. ”The publication of the draft Amendment Bill aims to demonstrate South Africa’s commitment to strengthening Read more >

CORRUPTION NEWS

SA still on FATF grey list, has more work to do

In its latest update on South Africa’s progress in addressing shortcomings in its anti-money laundering/counter financing of terrorism (AML/CFT) regime, the Financial Action Task Force (FATF) noted that the country has made progress, but has yet to do enough to warrant its removal from the so-called grey list on which it was placed in late Read more >

CORRUPTION NEWS

FATF issues update on SA’s grey list progress

In its latest update on South Africa’s progress in addressing shortcomings in its anti-money laundering/counter financing of terrorism (AML/CFT) regime, the Financial Action Task Force (FATF) noted that the country had taken steps to correct the deficiencies, though the work is not yet complete. The organisation published the update on 23 February 2024, after the Read more >

CORRUPTION NEWS

SA makes progress in strengthening AML/CFT measures

A November 2023 progress report on South Africa’s work towards addressing technical compliance deficiencies identified by the Financial Action Task Force (FATF) in the country’s anti-money laundering framework, reveals that there is forward momentum. South Africa has been a FATF member since 2003 and like all members, is therefore required to undergo mutual evaluations on Read more >

CORRUPTION NEWS

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

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 >