AUSTRAC’s Post

#CDHAlert | In today's alert, Marelise van der Westhuizen and Loyiso Bavuma discuss the update from the National Treasury on South Africa's progress in getting off the FATF grey list. National Treasury released a statement providing feedback on South Africa's participation in the October 2024 Financial Action Task Force (FATF) Plenary, where FATF recognised the improvements made in South Africa's structures to monitor and prevent anti-money laundering/combatting the financing of terrorism (AML/CFT). National Treasury confirmed that South Africa now complies or largely complies with 37 of the 40 FATF Recommendations, including complying or largely complying with all 6 core Recommendations. A reminder that in terms of the 2021 mutual evaluation that brought the country onto the grey list, South Africa was found to be wanting in 20 of the FATF 40 Recommendations. Click here to read more - https://bit.ly/4ee8yN2 #NationalTreasury #FATF #Greylist #AntiMoneyLaundering #FATFRecommendations

FATF Greylist: Countries in Focus to Boost Financial Compliance – October 2024 🚨 Update The Financial Action Task Force (FATF) has published its latest grey list, which includes countries in need of improving their systems in combating money laundering and terrorist financing. Countries listed include: Lebanon, Algeria, Venezuela, Nigeria, the Philippines, and Yemen. 🔍 These countries are under monitoring to ensure enhanced transparency and adherence to international standards, which contributes to the stability of the global 🌐 financial system. Compliance is not an option, but a necessity to ensure confidence in financial markets. #FATF # compliance #GlobalComplianceCanada

Turkey's removal from the FATF 'gray list' is a remarkable achievement and a testament to the country's concerted efforts to enhance its AML/CFT framework. This progress reflects Turkey's commitment to addressing the deficiencies identified in the 2021 FATF report, such as improving oversight on high-risk sectors and increasing resources for terrorist financing investigations. The strengthened AML/CFT regime not only boosts confidence in Turkey's financial system but also plays a crucial role in its broader economic recovery efforts.

South Africa Legal Update: On 9 April 2024, the National Treasury issued a media statement inviting submissions on draft amendments to the Money Laundering and Terrorist Financing Control Regulations, in terms of section 77(5)(a) of the Financial Intelligence Centre Act, 2001. The draft amendments aim to strengthen South Africa’s system to combat money laundering and terrorist financing by enhancing the reporting of the conveyance of cash or bearer negotiable instruments into or out of South Africa. The regulations include a threshold amount that will trigger the obligation to report, and what is required in reports on, conveyance of negotiable instruments or cash. Afriwise #aml #moneylaundering #terroristfinancing #southafrica #haveyoursay #financialintelligence

How FATF ‘greylisting’ will impact SA business Global money laundering and terrorist financing watchdog, the Financial Action Task Force (FATF), has placed South Africa on its so-called ‘grey’ list, adding South Africa to a group of jurisdictions under increased FATF monitoring and meaning that the country has committed to swiftly resolve the identified strategic deficiencies within agreed timeframes. Read on our blog: https://lnkd.in/gT_jv6ux

More prosecutions essential for SA to get off the FATF grey list, says National Treasury’s Ismail Momoniat. Co-ordination and collaboration among state agencies involved in combating financial crimes has improved significantly, but much must still be done for South Africa to produce tangible evidence to the Financial Action Task Force (FATF) that it is combating money laundering and terrorist financing. Read full article here: https://buff.ly/3x66TsG View the full report in ISS Today. Share your thoughts in the comment section. Like, share, and subscribe! #ActionPlan #FinancialActionTaskForce #greylist #IsmailMomoniat #NationalTreasury

Oman’s recent FATF and MENA FATF joint evaluation underscores both positive progress and some areas for improvement in its fight against money laundering and terrorist financing. The report serves as a valuable reference for strengthening global compliance standards in this critical space. Full Report attached, for those interested.

FATF Greylist: Countries in Focus to Boost Financial Compliance – October 2024 🚨 Update The Financial Action Task Force (FATF) has published its latest grey list, which includes countries in need of improving their systems in combating money laundering and terrorist financing. Countries listed include: Lebanon, Algeria, Venezuela, Nigeria, the Philippines, and Yemen. 🔍 These countries are under monitoring to ensure enhanced transparency and adherence to international standards, which contributes to the stability of the global 🌐 financial system. Compliance is not an option, but a necessity to ensure confidence in financial markets.

🚨 FATF UPDATE 🚨 The Financial Action Task Force (FATF) has released its latest update on jurisdictions under increased monitoring. 🌟 Positive Developments : - Jamaica 🇯🇲 and Türkiye 🇹🇷 have made significant progress in addressing strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. They are no longer subject to increased monitoring by the FATF. ⚠️ New Additions: - Monaco 🇲🇨 and Venezuela 🇻🇪 are now subject to increased monitoring. These jurisdictions have committed to resolving swiftly the identified strategic deficiencies within agreed timeframes and are working closely with the FATF to strengthen their frameworks. These updates underscore the ongoing global efforts to strengthen financial systems against money laundering and terrorist financing

More prosecutions essential for SA to get off the FATF grey list, says National Treasury’s Ismail Momoniat. Co-ordination and collaboration among state agencies involved in combating financial crimes has improved significantly, but much must still be done for South Africa to produce tangible evidence to the Financial Action Task Force (FATF) that it is combating money laundering and terrorist financing. Read full article here: https://buff.ly/3v4xfuQ View the full report in ISS Today. Share your thoughts in the comment section. Like, share, and subscribe! #ActionPlan #FinancialActionTaskForce #greylist #IsmailMomoniat #NationalTreasury