Latest News & Developments
financial action task force
Rand shows remarkable resilience in global currency market
The South African rand has demonstrated exceptional strength against the US dollar, outperforming 14 major currencies over the past year. This remarkable resilience, driven by post-election reforms and strong export performance, signals a positive shift in South Africa's economic landscape
South Africa nears greylist exit as key deficiencies resolved
The Companies Intellectual Property Commission reports substantial progress in addressing FATF greylist requirements, with successful implementation of the Beneficial Ownership Register and enhanced law enforcement capabilities.
South Africa tackles 16 of 22 FATF grey list requirements: DA optimistic
With a 2025 deadline looming, the country's efforts to strengthen its financial systems could restore its international investment standing
South Africa closes in on FATF greylist exit: 6 critical steps remain
With six critical items remaining before the February 2025 evaluation, the country races against time to exit the greylist and restore its international financial standing.
Understanding money laundering in South Africa: how businesses can protect themselves
Explore how South African businesses can combat the rising threat of money laundering and protect their operations from criminal activities.
SA is making progress to exit the FATF grey list… collective action is required
With the FATF deadline less than a year away, South Africa needs to buckle up, not only to ensure that it successfully deals with the remaining deficiencies on the FATF list, but that it also ensures that South Africa adheres to, and complies with international standards of the monitoring and management around the prevention of money laundering, terrorist financing and proliferation financing.
What in the crypto mayhem is going on in Nigeria?
It seems to me that the elephant in the room is the tension between the undeniable potential of blockchain technologies to help the world reimagine economic futures off-line and the dizzying magnitude of the capitalist opportunity to profit from digital assets, says the author.
Grey List: SA tackles five areas of concern, with 17 to go to meet FATF’s 2025 deadline
The most industrialised country in Africa has to eradicate remaining bottlenecks by early 2025 to exit the Grey List, failing which higher risk premiums for businesses and capital outflows are on the cards.
Neo-liberals’ destructive power is behind the state’s financial crash
OPINION: Minister of Finance Enoch Godongwana doesn’t seem to mind cutting poor people’s income, lying that “To keep pace with inflation and increase access, permanent social grants are increased,” writes Prof. Patrick Bond.
Unpacking a year of SA being greylisted
What progress has been made since then by the government and regulatory bodies to get the country off the greylist?
Why FATF should blacklist and suspend Israel’s membership
OPINION: In February 2023, marking a year since Russia’s incursion into Ukraine, FATF took the decisive step of suspending Russia’s membership, showcasing the organisation’s dedication to maintaining principles, even amid global turmoil, writes Zakhele Hlophe.
SA greylisting: Financial Intelligence Centre guns for non-compliant estate agents and legal practitioners
These companies could face millions of rands in fines for continued non-compliance with their obligations required to remove South Africa from being greylisted.
SA’s greylisting highlights the need for tighter monitoring and regulation to meet international standards
The international community keenly watches as South Africa faces the challenges of aligning with global standards to regain its financial credibility, says the writer.
Competition Commission looking into criminal charges against banks
The commission’s Divisional Manager for Cartels, Makgale Mohlala, told the SABC: “Standard Chartered has undertaken to co-operate with the commission in the prosecution of the other respondent banks. ”
Trustworthy: Which beneficiaries to include as ‘beneficial owners’
There seems to be huge confusion and various interpretations of which types of trust beneficiaries to include as “beneficial owners” after new measures were hastily introduced in an attempt to avoid greylisting and meet the Financial Action Task Force’s (FATF) requirements.
IOL EXCLUSIVE: How two high-flying Durban bankers ran a R180 million Ponzi scheme targeting pensioners
Durban bankers Brandon Naicker and Jason Pillay, once lauded for their financial expertise, are now under scrutiny for a R180m Ponzi scheme. Their companies, located in the affluent uMhlanga district, deceived pensioners with promises of high returns.
South Africa’s greylisting limited short-term impact makes it more dangerous
The greylisting of South Africa by the Financial Action Task Force (FATF) was announced on February 24 this year, two days after the 2023 Budget Speech.
Trust to Trust: Is the tax practitioner becoming the final verifier of trust compliance?
As a result of recent changes, the tax practitioner now has to submit a list of information to the South African Revenue Service (Sars) with the trust tax return. This includes the latest trust deed, resolutions, minutes of the trustee meetings and so forth. For example, if the trust deed requires the trust to meet at least every quarter, it will be expected of the tax practitioner to submit four sets of signed minutes of trustee meetings. Sars also asks some uncomfortable additional questions on the tax return which it labels “risk questions”.
Godongwana says new Director-General will be central in shaping fiscal policy
Finance Minister Enoch Godongwana said new Director-General Duncan Pieterse will be central in shaping fiscal policy, economic direction and financial stability of the country.
Duncan Pieterse appointed new Director-General in the National Treasury
Minister in the Presidency Khumbudzo Ntshavheni confirmed that Duncan Pieterse has been appointed to head the National Treasury ending weeks of speculations.
Would blacklisting spell the end of global trade for South Africa?
Earlier this year, South Africa was greylisted by the Financial Action Task Force (FATF) for failing to comply with international standards concerning the prevention of terrorist funding, money laundering, and proliferation financing. The decision, which came despite a last-minute scramble by the government to return to compliance, was a body blow to an already struggling economy. By Harry Scherzer, CEO, Future Forex
A sudden halt to capital inflows and increased outflows could threaten the stability of our financial system
LETTER: The South African Reserve Bank raised warning bells last week regarding the threat of secondary or indirect sanctions that could be imposed as a result of our recent foreign policy decisions.