🚨🚔President Cyril Ramaphosa signs into law an anti-money laundering and combating terrorism financing Act to prevent SA from being grey-listed. sagreylisting anticorruption
The amendment to the Protection of Constitutional Democracy Against Terrorism and Related Activities Act, 2004 strengthens its provisions and expands it to include aspects such as cyber-terrorism.improves the provisions that require financial and other institutions to perform due diligence in respect of their customers.
“This ensures that these institutions have more reliable information about their customers and are in a better position to manage money laundering and terrorist financing risks in their businesses, which addresses another key finding of the mutual evaluation,” Treasury said. The formalising of these amended laws will help the country a great deal as it has now addressed and dealt with 15 of the 20 deficiencies relating to the inadequacy of laws and legal frameworks. FATF made 40 recommendations in its mutual evaluation report.Treasury confirmed that the remaining 5 deficiencies identified will be addressed through non-statutory initiatives.
Later this week, on Friday , South African authorities will attend a face-to-face meeting with the FATF Joint Group in Rabat in Morocco.
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