FSCA, Reserve Bank say they will step up their anti-money laundering efforts
Accountable institutions are expected to fulfil their compliance obligations
The contract went through 10 iterations between July 2019 and March 2020, with the term ‘infectious and contagious diseases’ variously in or out.
Read moreAccountable institutions are expected to fulfil their compliance obligations
What you should know about the Financial Action Task Force, its evaluation of South Africa, and how grey-listing works.
It also wants to address the inconsistent treatment of non-resident beneficiaries when capital gains are distributed.
The amendments to Schedule 1 of Fica mean more individuals and businesses have, by definition, become accountable institutions.
New requirements include the identification of ultimate beneficial owners and beefed-up risk management and compliance programmes.
Proclamation Notice sets the commencement dates for the sections that amend five Acts of Parliament.
National Treasury-led delegation will have a face-to-face meeting with the Financial Action Task Force
But amending legislation won’t be enough to satisfy the Financial Action Task Force.
Stringent compliance obligations await if it is, but there’ll be a transitional period for new sectors.
Opposition parties criticise rushed process and impact on NGOs.
The deficiencies in dealing with terrorism financing are putting the country at risk of being grey-listed.
Minister of Finance asked to explain the absence of an assessment of the socio-economic impact of the General Laws Amendment Bill.
No carve-out to accommodate clothing retailers’ concerns about exclusion or compliance costs
It says the amendment bill imports a foreign concept that is in conflict with South African trust and property law.
It will become increasingly difficult to invest offshore, even for the wealthiest investors, says Anchor Capital.
Not much can be done to protect people who fall for get-rich-quick schemes