FIC’s 2023/24 annual report: the battle against financial crime
The Financial Intelligence Centre facilitated the recovery of R98.5m in criminal proceeds and generated 3 924 intelligence reports.
Muvhango Lukhaimane will also consult with trustees on guidelines for naming and shaming problematic funds, administrators, and employers.
The Financial Intelligence Centre facilitated the recovery of R98.5m in criminal proceeds and generated 3 924 intelligence reports.
Non-compliant accountable institutions are hindering efforts to get South Africa off the grey list, says the Financial Intelligence Centre.
The response to the Centre’s appeal to submit the outstanding risk and compliance returns ‘is not good enough’.
SA has staggered deadlines by when it must address the 17 outstanding items on the global body’s 22-item Action Plan, to get off the grey list.
Moonstone speaks to Ninety One’s Sangeeth Sewnath about the extent to which greylisting is affecting the economy, the markets, and investors.
Non-submission of the RCR required by Directive 6 will prevent the Financial Intelligence Centre from demonstrating compliance with the FATF’s action plan.
The SA Reserve Bank says grey-listing is one of the reasons for the record outflows from the country’s capital markets.
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
Asisa says it is encouraging that the 2.5% to 5% drawdown rate made up the biggest income band by number of policies.
‘The new process comes down to more detailed and targeted requests for information regarding exit capital.’
Incoming Nedbank chairperson says ‘we are already on borrowed time’.
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.
It’s too soon to tell how grey-listing will affect the industry, says Asisa.
National Treasury says it hopes to get South Africa off the list before January 2025.
Accountable institutions are expected to fulfil their compliance obligations