MONEY LAUNDERING AND TERRORIST FINANCING: INPUT SOUGHT ON DRAFT SECTOR RISK ASSESSMENT FOR ACCOUNTANTS

MONEY LAUNDERING AND TERRORIST FINANCING: INPUT SOUGHT ON DRAFT SECTOR RISK ASSESSMENT FOR ACCOUNTANTS

• 08 November 2023
• Auditors & Accountants
• SA Legal Academy

The Financial Intelligence Centre (FIC) has issued a communication calling for input by 17 November 2023 on a draft sector risk assessment for accountants providing services to trusts and companies listed in Schedule I to the FIC Act, 2001. This is:

• in the context of their vulnerability to money laundering and terrorist financing risk exposure, and
• noting that amendments to Schedule 1 have been in force since 19 December 2022.

Informed by guidelines issued in 2019 by the international Financial Action Task Force (FATF), the document explores ways of identifying the known and ‘expected inherent risks’ associated with the accounting profession.

• draft sector risk assessment
• communication
• amended FIC Act schedules
• FATF guidelines

Published by SA Legal Academy Policy Watch

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