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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LEGISLATION AND SUBMISSIONS
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
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
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 >
STATE CAPTURE
Image: Wikimedia Commons, used under a Creative Commons Attribution-Share Alike 3.0 Unported license South Africa’s law-making regime is another casualty of the corruption and mismanagement that was prevalent during the state capture years, writes Caroline James, advocacy co-ordinator at amaBhungane. Here she describes how amaBhungane and Corruption Watch had to rush to get their joint submission Read more >
LEGISLATION AND SUBMISSIONS
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
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 >
