#NPOAct – Moonstone Information Refinery

Timur Turlov on chess, investing, and why South Africa matters

Two limited FICA changes were indicated, while the FSCA explained why the financial-sector provisions would not be amended.

Its submission to Parliament highlights concerns about lifestyle audits, information sharing, beneficial ownership, and administrative fines.

Stakeholders have until 10 August to comment on proposed amendments aimed at strengthening South Africa’s financial crime framework.

Treasury says the country already has most of the rules it needs; the challenge now is proving that institutions are using them effectively.

Treasury adviser Ismail Momoniat warns that police corruption and unfinished financial-crime cases could weigh on SA’s FATF assessment.

The legislation will strengthen reporting and governance obligations across the non-profit, corporate, and financial sectors.

The Bill largely clarifies and strengthens existing AML/CFT expectations rather than introducing a new regulatory philosophy.

The Bill proposes that arrangements yielding outcomes similar to traditional financial products be treated as financial services.