us

216.73.216.172

Department of Finance Announces Commencement of South Africa’s New AML/CTF Laws

n-img-dept-finance

Department of Finance has announced the start date for South Africa’s new Anti Money Laundering and Countering Terrorism Financing (AML/CTF) laws to better comply with global standards set by FATF. 

The department noted that the commencement of laws would be split into two parts:

  • 29 December 2022: Sections 9, 10, 16, 18 to 55, 59, and 62 to 65;
  • 1 April 2023: Sections 1, 3, 4, 5, 8, 11 to 15, 17, 56, 57, 58, 60 and 61;
    • Sections 2 and 6 also come into effect from 1 April, with the exception of some subsections.

Finance Minister Enoch Godongwana said that “the laws address deficiencies in at least 14 of the 20 recommendations, including an appropriate enhancement of powers and procedures for regulatory authorities”.

South Africa had to take essential remedial steps to avoid FATF’s greylisting until October 2022. Otherwise, it would become difficult for countries to do business with South Africa. 

According to National Treasury, the new laws could be helpful to avoid South Africa being greylisted by FATF. It also stated that having a financial system compliant with AML/CTF was in the public interest. 

However, some analysts and legal experts are doubtful whether the changes and complexity in new laws would help South Africa or add more loopholes to be out from the greylist. 

The FATF would decide if South Africa has done enough to be removed from the list in February 2023. 

Suggested Read:

EU Limits Use of Cash and Cryptocurrency to Curb Financial Fraud

CBUAE Cancels Registration of Insurance Broker for AML Non-compliance

FIAU Slaps Triton Capital Markets Limited with €227,000 Fine for AML/CTF Breaches

Related Posts

News

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Explore More

News

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Explore More

News

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

Explore More

News

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

Explore More

News

UAE Central Bank hit Financial Firms with fines due to compliance failures

UAE Central Bank hit Financial Firms with fines due to compliance failures

Explore More

News

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Explore More

News

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Explore More

News

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Explore More

News

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Explore More

News

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

Explore More

News

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

Explore More

News

UAE Central Bank hit Financial Firms with fines due to compliance failures

UAE Central Bank hit Financial Firms with fines due to compliance failures

Explore More

News

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Explore More

News

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started