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MONEY LAUNDERING AND TERRORIST FINANCING CONTROL: INPUT SOUGHT ON REGULATORY AMENDMENTS
- 09 April 2024
- National Treasury
- SA Legal Academy
Please note: On 9 April 2024, National Treasury issued a media statement on the draft regulatory amendments.
National Treasury has gazetted a notice calling for input by 19 April 2024 on draft amendments to the money laundering and terrorist financing control regulations. This is in anticipation of the commencement of section 30 of the Financial Intelligence Act, 2001 – as amended by the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022. The amended sub-section 30(1) deals with moving cash or bearer negotiable instruments into or out of South Africa.
According to an explanatory memorandum provided as an addendum to the draft regulations, a bearer negotiable instrument ‘is an instrument that is not legal tender but … can be exchanged upon its presentation for an amount of money that is specified in the instrument, and which entitles the holder of the instrument to the funds it represents’. ‘Examples of bearer negotiable instruments include bills of exchange, letters of credit, money orders, postal orders, and promissory notes.’
Against that backdrop, among other things the draft regulatory amendments prescribe:
- the threshold amount to trigger reporting obligations under section 30 of the Financial Intelligence Act, 2001, and
- the information to be included in a report on the conveyance of cash or bearer negotiable instruments.
According to the explanatory memorandum, given the ‘potential money laundering and terrorist financing vulnerabilities’ posed by cross-border movements of cash or bearer negotiable instruments, the introduction of tracing mechanisms has become necessary.
At the time of writing, the documents below had not yet been posted on the National Treasury website. They were made available a day later, in response to an email request sent when the notice was gazetted.
- draft amendments with explanatory memorandum
- Government Gazette notice
- Financial Intelligence Centre Act (with links to amendments and commencement dates)
Published by SA Legal Academy Policy Watch
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