On 23 June, a news release from the Treasury advised of a public consultation process re amendments to the Schedules to the Financial Intelligence Centre Act 2001 which seek to strengthen the financial system and improve its resilience against abuse by money launderers and terrorist financiers, and address some weaknesses in the AML/CFT system identified by the 2009 FATF evaluation and the 2015 IMF assessment. These weaknesses included DNFBP, cross-border cash flows control and international cooperation.  Additional categories of institutions and businesses that fall under the FIC’s scope and will also bring South Africa’s legal framework against money laundering and the financing of terrorism in line with the international standards recommended by the FATF.




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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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