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MONEY LAUNDERING: DRAFT GENERAL LAWS AMENDMENT BILL OUT FOR COMMENT
- 19 December 2024
- National Treasury
- SA Legal Academy
National Treasury has called for input by 6 February 2025 on a draft General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Bill seeking to address outstanding issues among those identified by the international Financial Action Task Force (FATF) in 2021 – and resulting in the country’s FATF grey listing.
According to an accompanying media statement, this is in anticipation of remedying deficiencies still preventing South Africa’s removal from the grey list. To that end, among other things the draft Bill includes proposals for amending Section 30 of the Non-Profit Organisations Act to specify maximum penalties on conviction of an offence.
Workshops are expected to follow.
The Government Gazette notice calling for input was published on 13 December 2024 – six days before the draft Bill became available. However, the commentary deadline remains unchanged.
- Government Gazette notice
- draft Bill
- media statement
Published by SA Legal Academy Policy Watch
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