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CORRUPTION NEWS

FTI: writing was on the wall well before SA’s greylisting

In late February 2023, the Financial Action Task Force (FATF) announced the addition of South Africa to its so-called grey list, along with Nigeria, UAE, Tanzania, and Uganda. South Africa failed to satisfactorily address shortcomings in its anti-money laundering and -terrorist financing legal framework – which were highlighted in the FATF 2021 mutual evaluation review (MER). The Read more >

LEGISLATION AND SUBMISSIONS

A register for beneficial owners: new obligations for shareholders

By Eric JordaanFirst published on Moneyweb Following South Africa’s greylisting in February – and the recommendations made by the Financial Action Task Force (FATF) – the General Laws Amendment Act (Anti-Money Laundering and Combating Terrorism Financing) places new obligations on companies to register prescribed information regarding beneficial ownership. Of the eight areas of strategic deficiencies Read more >

PRESS RELEASES

CSOs demand clarity, transparency in emergency procurement

As civil society organisations dedicated to building an accountable, democratic and capable state, the government’s new disaster management regulations are cause for alarm. The electricity crisis is destroying the livelihoods of our people. We believe that urgent action is needed to address it. The new emergency procurement provisions, however, threaten more corruption and inefficiency. The Read more >

CORRUPTION NEWS

CIPC says SA’s beneficial ownership register almost here

Plans are afoot to tackle South Africa’s lackadaisical beneficial ownership regime. The Companies and Intellectual Property Commission (CIPC) has announced that it will implement a beneficial ownership (BO) information collection and storage regime as soon as regulations in that regard are promulgated. Greater BO transparency is a crucial component in the fight against financial crime. Read more >

LEGISLATION AND SUBMISSIONS

Fact sheet on South Africa’s FATF greylisting

South Africa’s national treasury has released a useful fact sheet on the background to and implications of the country’s recent greylisting by the Financial Action Task Force (FATF). Titled What does FATF greylisting mean for a country?, the six-page document explains the role of the FATF and the mutual evaluations all FATF members are required Read more >

CORRUPTION NEWS

Treasury’s 2021/22 annual report gets qualified audit opinion from AG

National Treasury (NT) has finally tabled its 2021/22 annual report in Parliament, after finance minister Enoch Godongwana had asked the parliamentary speaker Nosiviwe Mapisa-Nqakula to extend the deadline of 15 January. NT’s 2021/22 annual report was delayed because of an ongoing dispute between NT and the Auditor-General of South Africa (Agsa), which gave the report Read more >

RAISING AWARENESS

Criminal justice partly responsible for empty tender defaulters register

Corruption Watch’s Procurement Watch (PW) tool is an invaluable resource for detailed monitoring of public procurement. By aggregating procurement data from reports submitted to National Treasury (NT) by all procuring organs of state, PW allows organisations and individuals to more easily pick up red flags relating to deviations and contract extensions in the public procurement sphere. Launched in October 2021, Read more >