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.
Muvhango Lukhaimane will also consult with trustees on guidelines for naming and shaming problematic funds, administrators, and employers.
One of the amendments will allow Sars to share taxpayer information with a wider range of government agencies.
The fingerprints of affected individuals may be taken to check information such as their qualifications and criminal records.
The Commissioner of the FSCA shares his thoughts on South Africa’s battle against money laundering and the road to regaining international trust.
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.
The FSCA says the government is intensifying efforts to get South Africa off the grey list by January 2025.
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.
The Centre has launched a new forensic unit to assist law enforcement combat complex money-laundering cases.
How accountable institutions must apply the SA Reserve Bank’s directive of 2022.
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Intellidex cautions against putting false confidence in exact numbers of the economic impact of grey-listing.
An outbound money transfer may now take much longer than a week or two.
Provides guidelines on how to avoid being caught out.
Grey-listing reduces a country’s GDP growth by between 0.5% and 1.5%, says economist Iraj Abedian.
National Treasury says it hopes to get South Africa off the list before January 2025.
No surprise as the Financial Action Task Force adds SA to its list of countries under special scrutiny.
Treasury expects grey-listing will have ‘a limited impact’ on financial stability and the costs of doing business with South Africa.
Accountable institutions are expected to fulfil their compliance obligations