Parliament calls for comment on AML/CFT reform Bill
Stakeholders have until 10 August to comment on proposed amendments aimed at strengthening South Africa’s financial crime framework.
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Latest FATF review puts South Africa under a harsher spotlight
Treasury says the country already has most of the rules it needs; the challenge now is proving that institutions are using them effectively.
MPs query whether tougher AML laws are solving the problem
Treasury adviser Ismail Momoniat warns that police corruption and unfinished financial-crime cases could weigh on SA’s FATF assessment.
New deadline to comment on draft AML/CFT Bill
The legislation will strengthen reporting and governance obligations across the non-profit, corporate, and financial sectors.
Failed funding bid hastened HGG Financial Group’s collapse
The High Court voids the deregistration of Veritas Capital Africa, allowing HGG’s liquidators to pursue the recovery of R20.49m allegedly transferred before its collapse.
Draft amendments aim to remedy gaps in AML framework
The Bill largely clarifies and strengthens existing AML/CFT expectations rather than introducing a new regulatory philosophy.
Draft AML/CFT amendment Bill tightens regulatory net
The Bill proposes that arrangements yielding outcomes similar to traditional financial products be treated as financial services.
Asset forfeiture and unlawful money schemes
Fraud victims have two distinct remedies: criminal-law-driven asset forfeiture via the Prevention of Organised Crime Act and civil liquidation proceedings under the Companies Act.
Banxso will contest provisional liquidation order
Judge says there is a prima facie case that the trading platform does not operate within the confines of the law.
New share buyback rules simplify compliance – but only if your MOI keeps up
The Companies Amendment Act has eased repurchase requirements, but many firms risk over-complying unless they update their MOIs.
Loans to settle divorce settlement sink microlender’s mutual bank application
The proposed CEO breached the Companies Act by allowing another company of which he was the sole shareholder to advance loans to him while it was insolvent.
SCA upholds pre-commencement tax debts in business rescue
The Supreme Court of Appeal confirms that re-quantifying a tax debt post-rescue commencement doesn’t create a new, preferential liability – cementing SARS’s place as a concurrent creditor under an approved rescue plan.
Judgment in Delta case highlights D&O insurance limitations
With directors held accountable for undisclosed deals and conflicts of interest, the judgment brings to light the crucial issue of whether D&O policies will stand behind executives embroiled in misconduct.
Shaping corporate law: important revisions to the Companies Act
A comprehensive guide to the changes introduced by the Companies Amendment Act and the Companies Second Amendment Act.
More arrests in Steinhoff saga as executives face justice
The arrest of two more former Steinhoff executives ties back to a fraudulent scheme involving a handwritten note by Markus Jooste.
Be aware of the difficulties when dealing with tax debt in business rescue
Can a creditor lose their right to enforce post-commencement debt? A High Court case sheds light on the fine print of business rescue rules and SARS’s role in enforcing tax obligations.
Bill proposes wide-ranging changes to strengthen AML regime
The amendments to the Companies Act, FICA, and the Financial Sector Regulation Act are designed to close regulatory gaps and enhance enforcement.
