Parliament approves legislation to fight terrorism financing, cash laundering

Finance Minister Enoch Godongwana.

South Africa’s parliament has handed laws to fight cash laundering and terrorism financing to keep away from the nation being positioned on a world illicit monetary watch checklist.

The U.S. Treasury Division mentioned in a press release on Tuesday that by way of the Common Legislation Amendments, 5 items of laws had been amended to deal with technical compliance deficiencies discovered within the Monetary Motion Activity Power’s evaluation. It addresses deficiencies in a minimum of 14 of FATF’s 20 suggestions, together with strengthening regulators’ powers and procedures.

“As soon as enacted into legislation, it’ll strengthen South Africa’s adherence to worldwide finest practices within the battle towards monetary crime and corruption,” Finance Minister Enoch Godonwana mentioned in a press release.

All 11 of the Paris-based FATF’s efficient measures to fight cash laundering and terrorism financing had been discovered to be missing in Africa’s most industrialized financial system. The assessment was carried out in 2019 following an period of endemic corruption throughout former president Jacob Zuma’s nine-year rule. Zuma, who resigned in 2018 below strain from the ruling social gathering, has repeatedly denied wrongdoing.

We dwell in a world the place truth and fiction are blurred

In unsure instances, you want information you possibly can belief. For 14 free days, you get entry to a world of in-depth evaluation, investigative journalism, fashionable opinion and a variety of options. Journalism strengthens democracy. Spend money on your future at this time. After that, you’ll pay R75 per 30 days. You may cancel at any time, and in case you cancel inside 14 days, you’ll not be charged.

Leave a Reply

Your email address will not be published. Required fields are marked *