NATIONAL TREASURY EXPLAINS NEXT STEPS IN EFFORTS TO AVOID FATF GREY LISTING

NATIONAL TREASURY EXPLAINS NEXT STEPS IN EFFORTS TO AVOID FATF GREY LISTING

• 09 January 2023
• Financial Sector
• SA Legal Academy

Representatives of the international Financial Action Task Force (FATF) will be updated this week on progress made in addressing deficiencies identified in the FATF’s October 2022 report. This is according to a National Treasury media statement outlining the process followed thus far in attempting to avoid FATF grey listing.

The statement also welcomes the recent promulgation of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022, and the Protection of Constitutional Democracy Against Terrorism & Related Activities Amendment Act, 2022 – which it describes as ‘a significant step’. Both new pieces of legislation are now largely in force, as SA Legal Academy has already reported.

During their ‘face-to-face meeting’ with FATF representatives this week, members of the South African delegation will respond to any further queries the FATF may have. This is noting the contents of a 3 January 2023 updated report submitted by the South African authorities in response to the FATF’s preliminary analysis. Whether South Africa’s anti-money laundering and terrorism financing system now meets the FATF’s requirements is expected to be announced at the next FATF plenary, which will take place between 22 and 24 February 2023.

• National Treasury media statement
• SA Legal Academy article on the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act
• SA Legal Academy article on the Protection of Constitutional Democracy Against Terrorism & Related Activities Amendment Act 

Published by SA Legal Academy Policy Watch

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