Leahy Attorneys’ Post

The Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog organization, has appreciated the effort that Mozambique has been making in order to improve its financial system. #Mozambique #Moçambique #Economy #FATF Financial Action Task Force (FATF)

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

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

#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

Recommendation 32 was developed with the objective of ensuring that terrorists and other criminals cannot finance their activities or launder the proceeds of their crimes through the physical cross-border transportation of currency and bearer negotiable instruments. Specifically, it aims to ensure that countries have measures to: (a) detect the physical cross- border transportation of currency and bearer negotiable instruments; (b) stop or restrain currency and bearer negotiable instruments that are suspected to be related to terrorist financing or money laundering; (c) stop or restrain currency or bearer negotiable instruments that are falsely declared or disclosed; (d) apply appropriate sanctions for making a false declaration or disclosure; and (e) enable confiscation of currency or bearer negotiable instruments that are related to terrorist financing or money laundering.

🚨 Important Notice from GIFiM 🚨 All financial institutions and certain non-financial entities in Mozambique must comply with new regulations on anti-money laundering and terrorist financing by August 26, 2024. Learn more about the registration process and how to avoid severe penalties. 📅💼 #Compliance #FinancialRegulations #Mozambique

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

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

The Financial Action Task Force (FATF) has acknowledged South Africa's progress in enhancing its AML and CFT measures. Since being greylisted in 2023, South Africa has addressed several technical compliance deficiencies. The country improved its ratings for Recommendations 2, 6, and 15 from partially compliant to largely compliant. As a result of this process, the country will hope to come off the FATF greylist in the next review.   Today, South Africa is compliant on 5 Recommendations and largely compliant on 32. The country has 2 Recommendations rated partially compliant. South Africa will next report back on remaining deficiencies in its 5th round mutual evaluation.