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MONEY LAUNDERING AND TERRORIST FINANCING CONTROL: INPUT SOUGHT ON REGULATORY PROPOSALS
- 02 October 2023
- Financial Sector
- SA Legal Academy
National Treasury is calling for input by 29 October 2023 on draft amendments to the money laundering and terrorist financing control regulations. Focusing on information sharing between accountable institutions, the amendments envisaged seek to strengthen existing requirements by aligning them with provisions in the Protection of Personal Information Act, 2013.
Once finalised and in force, the amendments will affect the internal rules of accountable institutions when reporting information to the Financial Intelligence Centre, as prescribed in section 41 of the FIC Act, 2001, and Regulation 27.
The notice calling for public comment was gazetted on 29 September 2023. However, the draft regulations themselves were only posted on the National Treasury website three days later – reducing the time available for preparing submissions.
Published by SA Legal Academy Policy Watch