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Tag Archives | Financial Action Task Force

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Inadequate money laundering risk management exposes businesses to criminal exploitation

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 (FATF) assessment of South Africa’s system for anti-money laundering, countering the financing of terrorism and countering the financing of the proliferation of […]

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anti-money-laundering

MPs insist on due process for Fica amendments aimed at avoiding grey-listing

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 Financial Action Task Force’s grey list. Grey-listing will have dire consequences for the country’s financial system and will create difficulties for businesses […]

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FATF

Failure to avoid FATF’s ‘grey list’ poses a risk to the stability of SA’s financial system

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 country’s financial system. Read: Clock is ticking for SA to avert something ‘worse than junk status’ The FATF is an international body […]

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AML

Clock is ticking for SA to avert something ‘worse than junk status’

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) and National Treasury told Parliament’s Standing Committee on Finance this week. The FIC and Treasury briefed the committee on the Financial Action […]

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SA told to beef up anti-money laundering measures

SA told to beef up anti-money laundering measures

South Africa is expected to take remedial steps within 18 months to address the “significant weaknesses” in parts of the country’s system to combat money laundering and the financing of terrorism and weapons of mass destruction, National Treasury said in a statement. This follows the release of the Financial Action Task Force’s third Mutual Evaluation […]

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