REVISED ANTI-MONEY LAUNDERING BILL FASTRACKED

REVISED ANTI-MONEY LAUNDERING BILL FASTRACKED

• 21 November 2022
• Financial Sector
• SA Legal Academy

The NCOP Committee on Finance has called for written submissions by 22 November on a 'B' version of the General Laws (Anti-money Laundering & Combating Terrorism Financing) Amendment Bill - in anticipation of a final round of public hearings the following day. However, the revised Bill has not yet been been passed by the National Assembly.

While the latest order paper for the House does include a National Assembly Finance Standing Committee report recommending changes to the original Bill, they have not been formally endorsed by the House. As a result, the revised Bill is still before the National Assembly. It has not yet been sent to the NCOP for concurrence. The NCOP committee's call for written submissions is therefore premature and procedurally irregular. The process is probably being fast-tracked to address concerns expressed by the international Financial Action Task Force that, if not addressed by the end of this month, could result in South Africa being grey listed.

• NCOP committee notice
• National Assembly Finance Standing Committee report (page 32 of the papers)
• General Laws (Anti-money Laundering & Combating Terrorism Financing) Amendment Bill's 'B' version
• National Assembly order paper

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