SA still has a chance of avoiding grey-listing, says Momoniat
‘Significant and real progress’ is being made in meeting the Financial Action Task Force’s requirements.
Financial Action Task Force
Breaking: SCA upholds Old Mutual’s Living Hands appeal
Old Mutual Unit Trust Managers off the hook for R1.7 billion claim arising from Fidentia scandal.
Read more
Did grey-listing threat hasten Sarb to act against Markus Jooste?
The South African Reserve Bank (Sarb) this week moved to attach more than R1.4 billion in assets linked to former Steinhoff chief executive Markus Jooste, five years after it told Parliament it was […]
Research report advises South Africans to prepare for grey-listing
There is an 85% probability that South Africa will be grey-listed by the Financial Action Task Force (FATF) in February next year, mainly because institutions in the criminal justice system were undermined during […]
Time is against South Africa to avoid grey-listing
If South Africa does escape being grey-listed next year, it will be by the skin of our teeth. Time is not on the country’s side when one considers the work that must be […]
Non-profit organisations caught between a rock and a hard place
The Department of Social Security is not equipped to deal with the registration of every non-profit organisation (NPO) in the country, while the failure of NPOs to register will have dire consequences for […]
Grey-listing is unavoidable, says head of Financial Intelligence Centre
The country has failed to deal with corruption and state capture, Xolisile Khanyile tells newspaper.
Grey-listing will have ‘muted’ impact on SA’s banks, says S&P
South Africa’s possible grey-listing will have a “muted” impact on the country’s banking sector, although local banks might suffer some reputational risk and could face higher compliance costs, according to S&P Global Ratings. […]
The law – should it be applied or enforced?
In District Six, the musical, one of the songs asks: The law, the law, the law. What for? The answer comes from Kris Kristofersson: The law is for protection of the people. After […]
Averting grey-listing depends on progress with enforcement
National Treasury has reiterated its message that changing legislation will not be enough to avert a potential grey-listing next year; the authorities will have to demonstrate commitment and progress with enforcing legislation aimed […]
Law enforcement agencies co-operating to target unexplained wealth
A number of government departments, and law enforcement and prosecution agencies are piloting an initiative which they say will make it more cost effective, faster and easier to investigate and recover assets acquired […]
Treasury publishes omnibus anti-money laundering bill
The process to address deficiencies in the country’s anti-money laundering and anti-terrorism financing legislation got under way this week after Minister of Finance Enoch Godongwana tabled the General Laws (Anti-Money Laundering and Combating […]
New accountable institutions will be given time to bed down Fica compliance
The Financial Intelligence Centre (FIC) will work with entities that become accountable institutions in terms of the amendments to the Financial Intelligence Centre Act (Fica), to help them bed down compliance with the […]
FSCA wants ownership reports from certain FSPs and CIS managers
Hot on the heels of its proposed amendments to Joint Standard 1 of 2020 pertaining to the significant owners of FSPs, the FSCA has asked for reports from certain FSPs and collective investment […]
FSCA wants ‘honesty and integrity’ Joint Standard to apply to the significant owners of FSPs
The FSCA is proposing that significant owners of FSPs become subject to the honesty and integrity requirements of Joint Standard 1 of 2020, saying the amendment is required urgently to prevent South Africa […]
Too soon to panic about grey-listing?
Is it a “done deal” that South Africa will be placed on the Financial Action Task Force’s grey list next year? There are those who think it is, and therefore advisers should engage […]
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 […]
