Cliffe Dekker Hofmeyr Inc’s Post

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

📢 The Draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2024 is open for public comment. The proposed amendments seek to address deficiencies identified by the Financial Action Task Force (FATF) in South Africa’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) system. This is a crucial step toward: 1️⃣ Supporting South Africa’s exit from the FATF greylist; and 2️⃣ Preparing for the next mutual FATF evaluation scheduled for 2026/27. Interested parties are invited to submit their written comments to the National Treasury by the close of business on 6 February. Read insights into the draft amendments from our corporate specialists, Ernie van der Vyver and Nicole Britton 👉 https://bit.ly/3Prom55

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

📢 Important Update: Lebanon's Grey List Status As many of you may have heard, Lebanon has been placed on the Financial Action Task Force's (FATF) grey list. This decision highlights the ongoing challenges our country faces in combating money laundering and terrorist financing. While this news is concerning, it also presents an opportunity for reform and growth. Being on the grey list means that Lebanon must enhance its regulatory frameworks and strengthen its financial systems. This is a crucial moment for stakeholders in both the public and private sectors to collaborate on implementing effective measures. Let’s hope our Government view this as a call to action to drive positive change. By fostering transparency. #Lebanon #FATF #FinancialIntegrity #Collaboration #EconomicGrowth#

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

Stories of money laundering, financial crimes, and terrorist financing seem to be more and more prevalent nowadays. The risk within South Africa is of such a level that our country was placed on the Financial Action Task Force (FATF)’s grey list in February 2023. Our Managing Director, Awie de Swardt, takes a look at the importance of client due diligence and how this can support combating illicit activities that threaten the security of the country and the stability of its financial system. Read his views here: https://lnkd.in/d7hFMwAq #FuturaSA #MoneyLaundering #FinancialCrimes #TerroristFinancing #ClientDueDiligence #ThoughtLeadership

Update Notification: Circular No. 4 of 2024 I would like to inform all stakeholders about the recent updates outlined in Circular No. 4 of 2024 regarding the classification of high-risk countries and jurisdictions. This circular emphasizes the importance of enhanced due diligence measures that must be applied by designated non-financial businesses and professions (DNFBPs) in response to the identified risks associated with specific countries. Key Highlights: High-Risk Jurisdictions (Black List): Democratic People's Republic of Korea Iran Myanmar Jurisdictions under Increased Monitoring (Grey List): Algeria Angola Bulgaria Burkina Faso Cameroon Côte d'Ivoire Croatia Democratic Republic of Congo Haiti Kenya Lebanon (Added) Mali Monaco Mozambique Namibia Nigeria Philippines South Africa South Sudan Syria Tanzania Venezuela Vietnam Yemen Changes: Added Countries: Algeria, Angola, Côte d'Ivoire, Lebanon Removed Country: Senegal It is crucial for all financial institutions and DNFBPs to stay informed and compliant with these updates to ensure effective measures against money laundering and terrorist financing. #AML #CFT #HighRiskCountries #DueDiligence #FinancialRegulations #Compliance #FATF #DNFBPs #CircularUpdate #GreyList #BlackList

The author rightly highlights the impact of money laundering and illicit financial flows on the economy and its knock on effects. At ICAR, we are working with several jurisdictions in Sub Saharan Africa to counter these risks and create robust mechanisms. #anticorruption #illicitfinancialflows #BaselAML

Updated list of countries under increased monitoring as at 25/10/2024 regarding Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). 🔵Removed from the FATF's list of Jurisdictions under Increased Monitoring: - Senegal (but is still considered as high risk as it remains listed in the EU Commission's list of high-risk third countries) ⛔Added in the FATF's list of Jurisdictions under Increased Monitoring: - Algeria - Angola - Cote d' Ivoire - Lebanon 🔘Removed from the EU List of non-cooperative jurisdictions for tax purposes: - Antigua and Barbuda

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.