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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

What many do not realise is that completing the Beneficial Ownership submission on the CIPC portal is a really simple process for a business with a simple ownership structure vs perhaps paying Accountants or other practitioners R2250 to do it. I did make a mistake with my first submission, understood my error and then redid it ahead of the Annual Returns Submission. These additional costs can be detrimental to small businesses and there is every opportunity to upskill and get it done at no cost ✍️

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

Understanding FICA is aimed at employees of accountable institutions and covers basic money-laundering and terrorist financing concepts, anti-money-laundering legislation in South Africa, the risk-based approach, and looks at the requirements for customer due diligence, reporting of certain transactions and record-keeping requirements. For course information: https://buff.ly/4dXskx7 Enrol today! #fica #mbse #qualifications #cpd #cob #classofbusiness #academicgoals #moonstonebusinessschoolofexcellence #enrol #makeithappen

I've seen the latest report from the Financial Action Task Force (FATF) regarding South Africa's progress in combating money laundering and terrorist financing. Overall, South Africa has made progress in addressing most of the technical compliance deficiencies identified in its Mutual Evaluation Report. Today, South Africa is compliant on 5 Recommendations and largely compliant on 32. The country has 2 Recommendations rated partially compliant. I believe this progress represents a significant step forward, bringing South Africa closer to strengthening its measures against money laundering risks and ensuring compliance with FATF Recommendations. https://lnkd.in/dZ7sQ_i4

#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

A Lioness of Africa publication of “Are you a Beneficial Owner or a Person who holds Beneficial Interest? Is your Company or CC Compliant?” an article written by Nicola Mullineux.   In response to South Africa’s greylisting by the Financial Action Task Force (“FATF”) for non-compliance with the international standards aimed at preventing money laundering and terrorist financing, the legislature elected to amend The Companies Act, 71 of 2008 (“Act”). The purpose of these amendments is to rectify the deficiencies identified by the FATF, with the ultimate aim of eradicating the greylisting imposed.   In case you missed it, read more about the article here: https://bit.ly/4e0iACc #HeroldGieAttorneys #HeroldGie #HeroldGieArticles #LawArticles #LionessOfAfrica #LawFirm #CapeTownLawFirm

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.

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

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