General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment BillCall for comments opened 27 September 2022 Share this page:
Submissions are now closed (since 25 October 2022)
The Standing Committee on Finance, having considered the request by various stakeholders to extend the period for making public submission, invites you to submit further and supplementary written submissions on the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill (B18-2022)
The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill (B18-2022) aims to amend:
▪ the Trust Property Control Act, 1988 to prevent the misuse of trusts for money laundering or terrorist financing, ensure that there is adequate, accurate and timely information on trusts, including information on the trustee and beneficiaries, that can be obtained or accessed in a timely fashion by the authorities, and address the deficiencies relating to trustees being required to obtain full information on beneficial ownership when they are creating trusts;
▪ the Nonprofit Organisations Act, 1997, to ensure that nonprofit organisations are not misused by terrorist organisations, or vulnerable to terrorist financing abuse;
▪ the Financial Intelligence Centre Act, 2001, to effect certain amendments to the objectives and powers of the Financial Intelligence Centre; customer due diligence requirements; to amend provisions relating to a “beneficial owner”; to amend provisions and Schedules relating to “politically exposed persons”; to amend provisions relating to the risk management and compliance programme and targeted financial sanctions; and amend provisions providing for the amendment of Schedule 2 to the Act and the Schedules.
▪ the Companies Act, 2008, to require that there is adequate, accurate and up-to-date information on the beneficial ownership and control of legal persons that can be obtained or accessed rapidly and efficiently by the authorities, through a register of beneficial ownership; and
▪ the Financial Sector Regulation Act, 2017, to enable the financial sector regulators to issue standards and directives in relation to beneficial owners of financial institutions.
The above amendments are to give effect to 14 recommendations contained in South Africa’s Mutual Evaluation Report of the Financial Action Taskforce Force (FATF) which require urgent legislative amendments.
Submissions can be emailed to Mr Allen Wicomb at [email protected] and Ms Teboho Sepanya at [email protected] by no later than 16:00 on Tuesday, 25 October 2022. The original closing date was Monday, 10 October 2022 but this was extended following public hearings that took place on Tuesday, 11 October.
Enquiries can be directed to Mr Allen Wicomb on tel (021) 403-3759 or Ms Teboho Sepanya on tel (021) 403-3662
Issued by Hon. J Maswanganyi, MP, Chairperson: Standing Committee on Finance (National Assembly)