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NON-PROFIT ORGANISATION COUNTER-MONEY-LAUNDERING REGULATIONS IN FORCE
- 08 May 2023
- Social Development
- SA Legal Academy
In keeping with General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022, requirements, the Department of Social Development has gazetted regulations under the Non-Profit Organisation Act, 1993, with the intention of monitoring certain financial activities. The new regulations came into force on 8 May 2023.
Among other things, they require the department’s directorate to establish and maintain a register of ‘persons disqualified from serving as office-bearers in terms of an order of a court pursuant to the Act or any other law’.
They also have implications for fiscal sponsorship. This is noting that the term refers to an arrangement between a registered and unregistered NPO to ‘facilitate fundraising and maintain controls over … expenditure’.
Administrative sanctions for non-compliance may be applied under certain circumstances.
- new regulations
- General Laws (Anti Money Laundering & Combating Terrorism Financing) Amendment Act
Published by SA Legal Academy Policy Watch