SA needs six months to demonstrate the effectiveness of 2 new laws that aim to curb money laundering and financing of terrorism as it seeks a quick exit from a global financial watchdog’s dirty money watch-list, President CyrilRamaphosa said GreyListing
South Africa needs six months to demonstrate the effectiveness of two new laws that aim to curb money laundering and financing of terrorism as it seeks a quick exit from a global financial watchdog’s dirty money watch-list, President Cyril Ramaphosa said. Ramaphosa signed the legislation into effect in December in a bid to address shortcomings in controls that were flagged by the Financial Action Task Force.
“It is estimated that the country needs at least six months to demonstrate whether the recent amendments adopted by parliament are effective.” Ramaphosa said the National Prosecuting Authority and a special police investigating unit known as the Hawks are also working hard to clamp down on financial crime and had been given additional funds to enable them to recruit more personnel. “They have also been involved in the recovery of money that has been lost.
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