There is an 85% probability that South Africa will be grey-listed by the Financial Action Task Force (FATF) in February next year, mainly because institutions in the criminal justice system were undermined during […]
If South Africa does escape being grey-listed next year, it will be by the skin of our teeth. Time is not on the country’s side when one considers the work that must be […]
The Department of Social Security is not equipped to deal with the registration of every non-profit organisation (NPO) in the country, while the failure of NPOs to register will have dire consequences for […]
The country has failed to deal with corruption and state capture, Xolisile Khanyile tells newspaper.
South Africa’s possible grey-listing will have a “muted” impact on the country’s banking sector, although local banks might suffer some reputational risk and could face higher compliance costs, according to S&P Global Ratings. […]
In District Six, the musical, one of the songs asks: The law, the law, the law. What for? The answer comes from Kris Kristofersson: The law is for protection of the people. After […]
National Treasury has reiterated its message that changing legislation will not be enough to avert a potential grey-listing next year; the authorities will have to demonstrate commitment and progress with enforcing legislation aimed […]
A number of government departments, and law enforcement and prosecution agencies are piloting an initiative which they say will make it more cost effective, faster and easier to investigate and recover assets acquired […]
The process to address deficiencies in the country’s anti-money laundering and anti-terrorism financing legislation got under way this week after Minister of Finance Enoch Godongwana tabled the General Laws (Anti-Money Laundering and Combating […]
The Financial Intelligence Centre (FIC) will work with entities that become accountable institutions in terms of the amendments to the Financial Intelligence Centre Act (Fica), to help them bed down compliance with the […]
Hot on the heels of its proposed amendments to Joint Standard 1 of 2020 pertaining to the significant owners of FSPs, the FSCA has asked for reports from certain FSPs and collective investment […]
The FSCA is proposing that significant owners of FSPs become subject to the honesty and integrity requirements of Joint Standard 1 of 2020, saying the amendment is required urgently to prevent South Africa […]
Is it a “done deal” that South Africa will be placed on the Financial Action Task Force’s grey list next year? There are those who think it is, and therefore advisers should engage […]
Businesses that do not develop and implement an effective risk management and compliance programme (RMCP) are particularly vulnerable to financial crime, such as money laundering and terrorist financing. A Financial Action Task Force […]
Parliament’s finance committees last week decided they will not rubber-stamp National Treasury’s proposed amendments to the Financial Intelligence Centre Act (Fica) that are designed to prevent South Africa from being placed on the […]
The South African Reserve Bank (SARB) has identified the potential of an unfavourable outcome of the Financial Action Task Force’s Mutual Evaluation of South Africa as a threat to the stability of the […]
There will be dire consequences for the economy if South Africa’s measures to combat money laundering and terrorism financing are not brought up to international standards this year, the Financial Intelligence Centre (FIC) […]
