In April 2015, the National Treasury, working with the Financial Intelligence Centre (FIC) published the draft Financial Intelligence Centre Amendment Bill (Bill). The Bill's primary objective is to establish a stronger anti-money laundering (AML) and combating of financing of terrorism (CFT) regulatory framework.
The Bill seeks to enhance South Africa's AML and CFT regime through a number of amendments. These include providing for the implementation of United Nations Security Council Resolutions relating to the freezing of assets and the dissolution of the Counter-Money Laundering Advisory Council due to the number of other platforms which exist within the country to discuss similar matters. The Bill also introduces a variety of new concepts into the regulatory framework.
Click here to read more about the Bill.
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