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The draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill is currently available for written comment. National Treasury (NT) published the bill in mid-December 2024.
Submissions in writing must be received by no later than 6 February 2025.
”The publication of the draft Amendment Bill aims to demonstrate South Africa’s commitment to strengthening its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) system by addressing the remaining deficiencies identified by the Financial Action Task Force (FATF) mutual evaluation in 2021 and during the remedial process to exit the FATF grey list, and to better prepare South Africa for the next mutual evaluation to be conducted in 2026/27,” said NT in a statement.
The bill was developed together with the Department of Trade, Industry and Competition, the Department of Social Development, and the Financial Intelligence Centre. It proposes amendments to four pieces of legislation that fall under the administrative responsibilities of different Ministers, namely:
- the Financial Intelligence Centre Act, 2001 (finance minister);
- the Financial Sector Regulation Act, 2017 (finance minister);
- the Companies Act, 2008 (minister of trade, industry and competition); and
- the Nonprofit Organisations Act, 1997 (social development minister).
Once all written comments have been received, NT and the two partner departments will engage with stakeholders on selected issues, through a series of public workshops. When updates to the bill have been finalised, it will be presented to Cabinet for consideration and eventual tabling in Parliament.
Interested parties are invited to submit their written comments to the National Treasury at Commentdraftlegislation@treasury.gov.za by close of business on 6 February 2025.
