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Treasury Shines Light on Anti-Money Laundering System

October 12, 2021

National Treasury

The continuous strengthening of the country’s anti-money laundering, counter financing of terrorism and counter financing of proliferation (AML/CFT/CPF) system is central to protecting and helping to make the financial system intolerant to abuse.

National treasury emphasized this in a statement on the release of the Financial Action Task Force’s (FATF) Mutual Evaluation Report.

FATF had assessed South Africa’s system for AML/CFT/CPF.

The assessment commenced in April 2019 and concluded in May 2021.

According to treasury, the FATF is an “international body that promotes policies and standards for combating money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction”.

The Report “identified significant weaknesses in parts of the country’s AML/CFT/CPF system” and South Africa is expected to take remedial steps within 18 months.

Treasury stressed that government is “fully committed to implementing the recommendations contained in the report, and strengthening the entire system for investigating financial crimes, including the fight against corruption”.

Meanwhile, in Government Gazette 45268, the South African Revenue Service published an amendment of Rules (DAR 222) in terms of the Customs and Excise Act.

A new DA 185 Application Form: Registration/Licensing of Customs and Excise Clients is inserted.

In Gazette 45275, the Accounting Standards Board (ASB) called for comment on two Exposure Drafts:

• ED 194 on Taking Stock: ASB’s Work Programme 2024-2026 – comments due by 18 March 2022; and
• ED 195 on Proposed Amendments to the Standard of GRAP on Heritage Assets – comments due by 28 January 2022.