FATF IN SOUTH AFRICA TO COMPLETE ITS EVALUATION OF THE COUNTRY’S COMPLIANCE WITH AML/CFT STANDARDS

The Daily Maverick on 27th October reported that financial crime is on the rise in the country despite the amendment of laws designed to curb it.  Just under half of the companies have fallen victim to financial crime within the past year, a survey by the Financial Intelligence Centre found.  The evaluation is being conducted by representatives from FATF, IMF and the FATF-style regional body, ESAAMLG.  The last time South Africa was assessed by FATF was in 2009, and while it was not deemed “non-cooperative”, the country was found wanting on several counts and was subject to follow-up.  The article says that the current evaluation is significant because South Africa will be the first country in the world to be assessed in terms of its cryptocurrency regulatory regime.  It is reported that South Africa has about 16 crypto-currency exchanges, although the biggest 3 account for 85% of all transactions.

https://www.dailymaverick.co.za/article/2019-10-27-sas-anti-money-laundering-measures-under-global-spotlight/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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