FINANCE Minister Enoch Godongwana has welcomed the passing of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill by the National Council of Provinces (NCOP) on Tuesday.
Addressing the NCOP, Godongwana said the development marked a significant milestone in actions taken by South Africa to address deficiencies identified in the country’s ability to deal with money laundering and financing of terrorism by the Financial Action Task Force (FATF) and the risk of greylisting.
“By passing the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, this house demonstrates its commitment to not only address the issues which risk the greylisting by FATF, but more importantly, this governments’ commitment to rooting out and preventing financial crime and the proceeds of corruption,” he said.
The Bill amends five pieces of legislation to satisfy the technical compliance deficiencies that were identified in the FATF in its Mutual Evaluation Report last
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