42 results found

By way of background, the Financial Action Task Force ("FATF") is an independent inter-governmental body that develops and promotes policies...

In terms of section 21B of the Financial Intelligence Centre Act 38 of 2001 ("FICA"), as amended by the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022...

The Financial Action Task Force (FATF), the international anti-money laundering watchdog, removed South Africa from its ‘grey list' of countries following a successful on-site review of its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime in July.

The South African banking and finance landscape is continually evolving, driven by changing regulations as well as emerging trends.

South Africa's greylisting by the Financial Action Task Force ("FATF") in February 2023 marks a challenging period for the country. This placement was due to non-compliance in its legal framework...

Following our article published on 11 April 2023 in relation to grey listing, numerous updates relating to grey listing and measures taken to combat corrupt activities have surfaced...

The FATF is the global anti-money laundering and counter-terrorist financing watchdog.

The South African National Treasury reported on 29 February that while South Africa was on track to address all the outstanding action items required to be removed from the Financial Action Task Force's (FATF) grey list...

South Africa's proposed Anti-Money Laundering and Combating Terrorism Financing Amendment Bill introduces sweeping changes to beneficial ownership compliance, including new discrepancy reporting obligations...

It has been a little over a year since the Financial Action Task Force ("FATF") , an international initiative established to combat money laundering published its Mutual Evaluation Report ("MER") on South Africa in which it identified major "weak spots" in our compliance processes.

On 31 March 2023, the Financial Intelligence Centre ("FIC") published 3 directives in terms of the Financial Intelligence Centre Act, 2001 ("FIC Act"). Directives 6 and 7 require accountable...

Amendments to the Trust Property Control Act 1988, which are intended to address the shortcomings in beneficial ownership transparency in South Africa's regulatory framework, were brought into force on 1 April after the implementing regulations were gazetted on 31 March.

The Financial Action Task Force (herein "FATF") is the global policy-developing body for anti-money laundering (AML); counter financing of terrorism (CFT); and counter financing...

Recently, the Prudential Authority, acting in terms of the Banks Act, 1990, issued a guidance note (G10/2022) to inform banks and bank controlling companies of practices...

Between April 2019 and June 2021, South Africa underwent a mutual evaluation of its anti-money laundering and counter-financing of terrorism controls, which culminated in the publication...

Africa Regulatory ENSight Issue 2 Of 2022

In 2021, the Financial Action Task Force ("FATF") released its Mutual Evaluation Report of South Africa, which contained an assessment of South Africa's effectiveness in combating money laundering and terrorism financing.