More amendments on the table to get SA off the grey list
One of the amendments will allow Sars to share taxpayer information with a wider range of government agencies.
Financial Action Task Force
FSCA to verify information about the significant owners of FSPs, CIS managers
The fingerprints of affected individuals may be taken to check information such as their qualifications and criminal records.
‘Unparalleled’ co-operation is needed to exit FATF grey-list
The Commissioner of the FSCA shares his thoughts on South Africa’s battle against money laundering and the road to regaining international trust.
Failure to meet Fica provisions costs FSP R400 000
The Appeal Board’s decision underscores the crucial role of risk management and compliance in the financial sector’s battle against money laundering and terrorism financing.
Closer scrutiny of cross-border transactions is impacting individuals and businesses
The FSCA says the government is intensifying efforts to get South Africa off the grey list by January 2025.
Accountable institutions: deadlines to submit risk and return compliance returns imminent
The Financial Intelligence Centre reminds accountable institutions listed under Schedule 1 of the Financial Intelligence Centre Act of the looming deadlines to submit their respective risk and compliance return questionnaires by the end of May and July 2023.
Treasury gives the FIC a R265m boost to fight financial crime
The Centre has launched a new forensic unit to assist law enforcement combat complex money-laundering cases.
FIC issues guidance note on electronic funds transfers
How accountable institutions must apply the SA Reserve Bank’s directive of 2022.
Monday briefing: a round-up of recent financial services news
Bank staff allegedly helped gold smugglers | FIC gets forensic unit | Ramaphosa on exiting the grey list | OUTsurance boosts stake in Youi
Prosecutions and jail time ‘is the test SA must pass to get off the grey list’
Intellidex cautions against putting false confidence in exact numbers of the economic impact of grey-listing.
Grey-listing: what you can expect when transacting with foreign institutions
An outbound money transfer may now take much longer than a week or two.
Santam alerts advisers to email interception cyber scam
Provides guidelines on how to avoid being caught out.
Treasury ‘needs to adjust’ Budget predictions following SA’s grey-listing
Grey-listing reduces a country’s GDP growth by between 0.5% and 1.5%, says economist Iraj Abedian.
Grey-listing will have a big impact on insurance industry, says law firm
National Treasury says it hopes to get South Africa off the list before January 2025.
How is grey-listing likely to affect South Africa?
No surprise as the Financial Action Task Force adds SA to its list of countries under special scrutiny.
Treasury responds to FATF action plan for SA to fix its ‘dirty money’ problems
Treasury expects grey-listing will have ‘a limited impact’ on financial stability and the costs of doing business with South Africa.
FSCA, Reserve Bank say they will step up their anti-money laundering efforts
Accountable institutions are expected to fulfil their compliance obligations
