FIC says the level of non-compliance especially in the legal profession is worrying.
Non-compliance in the legal and property practitioners sectors is undermining efforts to remove the country from the grey list next year, according to the Financial Intelligence Centre . This is despite the fact that these two sectors have been identified as the most vulnerable to money laundering and terrorist financing abuse.
The FIC says these professions continue to ignore FIC directives aimed at helping South Africa exit the grey list of the Financial Action Task Force . In March last year, the FIC issued two directives targeting legal practitioners, estate agents, and dealers in precious stones amongst others. These directives compel businesses and professionals to answer a set of questions meant to be submitted to the FIC by 31 May 2023. However, the average submission rate stands at 60% for legal professions and 66% for estate agents.
“The sectors of concern to us or the legal practitioners and estate agents because they are regarded as higher risk in our anti-money laundering. Regime in their role as gatekeepers, where they gatekeep clients and entities in our financial system. So, that is where our emphasis is and that follows from the fact of assessment of South Africa that we guided our legal practitioners and property practitioners as high risk,” says FIC’s Compliance and Prevention Executive Manager Christopher Malan.
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