National Treasury has published the draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, which is aimed at preventing financial crimes, for public comment. According to National Treasury the draft Bill is an updated version of the draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill that was published for public comment on 13 December. The update contains National Treasury’s subsequent expansion on the draft Bill to incorporate amendments related to non-governmental organisations (NGOs) and conducting lifestyle audits to continue strengthening the country’santi-money laundering and combating terrorism financingsystem.
These additions will ensure the country is better prepared for the next Financial Action Task Force (FATF) mutual evaluation for South Africa that will start in mid-2026 and conclude in October 2027. The draft Bill aims to strengthen the country’s anti-money laundering and combatting of terrorism financing system by addressing the remaining deficiencies identified in the 2021 FATF mutual evaluation report for South Africa as well as during the remedial process that culminated inSouth Africa exiting the FATF greylist in October 2025. The draft Amendment Bill was developed with the departments of trade, industry and competition, social development, the Financial Intelligence Centre and financial sector regulators, such as the Prudential Authority and Financial Sector Conduct Authority. These sections of these laws that would be amended in the draft Amendment Bill, if enacted, are: If you want to comment on the financial crimes prevention bill
Read Full Article on The Citizen
