Introduction
The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 22 of 2022 (AML Amendment Act) is a crucial part to assist in the fight against corruption, fraud and terrorism. The purpose of the new act is to address any shortcomings in the current legislation that deals with combating money laundering and terrorist financing. This is essentially a blanket amendment that affects no fewer than five separate acts, namely the:
- Financial Intelligence Centre Act, 2001
- Companies Act, 2008
- Non-Profit Organisations Act, 1997
- Financial Sector Regulation Act, 2017
- Trust Property Control Act, 1988.
The main purpose of the new act is to enhance the current legislation that deals with combating the funding of terrorism and preventing money laundering. This aims to align South Africa with the recommendations and standards as prescribed by the Financial Action Task Force (FATF). The FATF, of which South Africa is a member, conducted a peer review in 2019 and produced a Mutual Evaluation Report on South Africa’s implementation of FATF’s 40 recommendations against money laundering and 20 of the 40 FATF standards, and afforded the country until October 2022 to correct its shortcomings to avoid being greylisted. Being greylisted will subject local companies to increased scrutiny and create a challenge for countries to conduct business in South Africa.
15 years in prison or A fine not exceeding ZAR100-million
These are the potential fates awaiting any South African business that falls foul of the new regulations laid out in the recently gazetted General Laws Amendment Act.
As the implementation of the new laws commences, legal practitioners, business owners, and other stakeholders will need to stay up to date with the latest developments in the legislation and regulations.
This 60 minute webinar will focus on the following topics:
General Laws Amendment Act, 2022
- Background and main purpose
- Overview of key provisions
- Implications for legal entities – companies, trusts, NPOs, accountable institutions
- FICA requirements and implications
- Practical considerations and next steps
Critical to join us online if you are in any of the following roles:
- Executives
- Senior Leaders
- Prospective Directors
- Directors
- Board Committee Members
- Senior Managers
- Company Secretaries
- Legal Practitioners
- Compliance Officers
- Chief Risk Officers
