The Financial Intelligence Centre issues a stern reminder to designated non-financial entities – particularly legal practitioners and estate agents – to file their overdue risk and compliance returns.
The report outlines the CASP sector’s vulnerabilities and provides guidance on how enhanced compliance and improved risk management can help to safeguard the industry.
The need to get South Africa off the grey list has seen the FSCA beefing up its supervisory and licensing capacities.
While South Africa is on track to exit the grey list by October, National Treasury emphasises the importance of long-term improvements and continuous progress in financial regulation.
South Africa is yet to demonstrate ‘sustained effectiveness’ in investigating and prosecuting serious money laundering and terrorist financing activities
The amendments to the Companies Act, FICA, and the Financial Sector Regulation Act are designed to close regulatory gaps and enhance enforcement.
Accountable institutions that did not pay the smaller fine or remediate their non-compliance now face harsher penalties.
National Treasury tells companies and trusts to submit their beneficial ownership information by the end of November.
The FIC’s latest annual report shows that out of 558 inspections conducted during the year, 269 specifically targeted the non-submission of risk and compliance returns.
The Financial Intelligence Centre facilitated the recovery of R98.5m in criminal proceeds and generated 3 924 intelligence reports.
The FATF did not discuss removing SA from the grey list but focused on the progress the country has made in addressing the 22 Action Items.
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