Parliament passed legislation to combat moneylaundering and terrorismfinancing needed to avoid the country being added to a global illicit-finance watchlist. Moneyweb
Parliament passed legislation to combat money laundering and terrorism financing needed to avoid the country being added to a global illicit-finance watchlist. The passage of the General Laws Amendment Bill alters five pieces of legislation to satisfy technical compliance deficiencies identified in an assessment by the Financial Action Task Force, the National Treasury said in a statement on Tuesday.
Read: 50 Shades of Grey How SA might stay off the grey list What happens when South Africa is greylisted? “When enacted into law, it will improve South Africa’s adherence to international best practices in combating financial crimes and corruption,” Finance Minister Enoch Godongwana said in the statement. Africa’s most-industrialised economy was found wanting in all 11 of the Paris-based FATF’s effectiveness measures to combat money laundering and the financing of terrorism.
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