29 August 2022
The Minister of Finance tabled the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill [B18-2022] aiming to strengthen fight against money laundering in Parliament. The Bill has been submitted to the Standing Committee on Finance (SCOF) and the Select Committee on Finance (SECOF).
The Bill seeks to strengthen the country’s Anti-Money Laundering and Combating of the Financing of Terrorism laws and makes significant changes to many relevant laws.
These changes are in response to the poor ratings South Africa received from the Financial Action Task Force (FATF). Greylisting by FATF, which is made public is likely to have the effect of increasing the cost of doing business for South African business with foreign trading partners.
The Amendment Bill proposes to amend the following laws:
- Trust Property Control Act, 1988: Minister of Justice and Correctional Services
- Nonprofit Organisations Act, 1997: Minister of Social Development
- Financial Intelligence Centre Act, 2001: Minister of Finance
- Companies Act, 2008: Minister of Trade, Industry and Competition
- Financial Sector Regulation Act, 2017: Minister of Finance
Parliament will guide the process for considering the Bill, including the timing for taking public comments, hearing, making adjustments and passing of the Bill.
You can read more in the media statement here.