us

216.73.216.2

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

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Explore More

News

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

Explore More

News

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Explore More

News

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

Explore More

News

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

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