The FATF’s report on its mutual evaluation of South Africa’s AML and CTF controls in October 2021 highlighted significant shortcomings which could lead to South Africa being added to the FATF’s “Grey List”.
Designed to strengthen the country’s AML and CTF system, the South African President has passed into law:
- The General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Act No.22 of 2022,
- The Protection of Constitutional Democracy Against Terrorism and Related Activities Amendment Act No.23 of 2022.
Firms with operations in South Africa should review the legislative changes and assess any potential resulting obligations.