Both houses of parliament have passed two significant pieces of legislation that may see South Africa avoid being greylisted by the Financial Action Task Force (FATF). Click here for the full story📱
Two major pieces of legislation that may see South Africa avoid being greylisted by the Financial Action Task Force have been passed by both houses of parliament.
The remaining deficiencies will be addressed by smaller pieces of legislation and other amendments, including recent amendments to the schedules of the Financial Intelligence Centre Act .Assessing risk and applying a risk-based approach. This recommendation provides that countries should identify, assess and understand the money laundering and terrorist financing risks they face, and apply resources aimed at ensuring the risks are mitigated effectively.National co-operation and co-ordination.
Era Gunning, banking and finance executive at ENSafrica, explains that businesses dealing in high value goods and that receive payments in any form to the value of R100 000 or more will have to register with the FIC as an accountable institution and comply with the provisions of the act.
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