National Treasury has announced the commencement dates of South Africa’s new finance laws.
The Department of Finance has announced the commencement of South Africa’s new General Laws Amendment Act.
The Act amends five pieces of legislation to satisfy the technical compliance deficiencies that were identified by the FATF. These technical compliance deficiencies represent one-half of the ‘exam’ South Africa must pass. The act gives the executive arm of government unfettered powers to make regulations on access to information that is mainly private, particularly in respect of trusts. One of the main aims of the act is to provide for the disclosure of the beneficial owners and the ultimate controllers of trusts, companies and non-profit organisations .
South Africa had until October 2022 to take the necessary remedial steps to avoid a greylisting by the FATF, which would make it more difficult for countries to conduct business with South Africa and subject local companies to added checks and balances.
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