Latest News & Developments
greylisting
SA Government partners with NPOs to exit international grey list by 2025
South Africa's push to exit the international grey list gains momentum as Deputy Minister Hendricks calls for crucial NPO sector support, highlighting a balanced approach between compliance and protecting vital community organisations.
South Africa on track to exit FATF Grey List as Treasury notes major progress
South Africa has successfully addressed 20 out of 22 FATF requirements, with National Treasury confirming the country is on track to exit the international Grey List by October 2025, following significant reforms in financial security systems.
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.
Sona and budget can give impetus to growth initiatives - BLSA
Sona can reinforce the plans for action to deliver 3% economic growth by year-end
NPA in crisis as SA struggles to combat rampant corruption
South Africa’s National Prosecuting Authority grapples with severe resource constraints and political interference, jeopardising its ability to combat high-level corruption effectively
SA Inc needs more gutsy decisions from policymakers - Old Mutual
It is imperative that if SA is to derive the benefits from the tailwinds of rate cuts, that prospective investment policy certainty and pro-business reforms follow in the wake of the recent national elections.
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.
SA can expect to be off the grey list by October 2025, says Masondo
The estimation of SA being off the grey list by February 2025 is not realistic.
FIC targets non-financial sectors in financial crime crackdown
The Financial Intelligence Centre (FIC) has intensified its efforts to combat financial crime in South Africa by expanding oversight to non-financial sectors. Discover how these measures aim to address the country's FATF greylisting and recover millions in criminal proceeds
Cabinet pushes on to address greylist deficiencies by February 2025 despite challenges
Ramokgopa said there has been significant progress for South Africa to address technical compliance deficiencies and of the 20 technical compliance requirements, 15 have been fully addressed.
Estate agents, lawyers, precious metals and stones dealers hold back SA exiting FATF grey list
The FIC said ‘certain designated non-financial businesses and professions (DNFBPs) are continuing to ignore FIC directives aimed at helping South Africa exit the grey list of the FATF. . . . These institutions now face targeted inspections or targeted sanctions for their non-compliance. '
SA Reserve Bank Financial Stability Forum: Interest rates are at or near their peaks
Interest rates could be close to their climax, but there are factors that can undermine the moderation of global inflation, says the SARB.
MTBPS: SA’s greylisting to be addressed in 2025
South Africa’s Finance Minister, Enoch Godongwana delivered his Mid Term Budget Policy statement in parliament today.
Compliance: the practical implications of SA’s greylisting
In some instances, one has to delve into records going back 40 to 50 (and even more) years to produce proof of all sorts of transactions, including death certificates of people who died many decades ago, provide the source of wealth, provide the source of funds, a well as provide details on individuals who are settlors of trusts, protectors and beneficiaries.
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.
Administering a trust – much more complex than before
SA tax authorities have been on their toes since the country was greylisted. It has been tightening and strengthening its laws in order to adhere to the FATF recommendations.
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.
Ruan Jooste’s Rants and Cents: Does the separation of State and Church, mean it should be above the law?
When the proposal to regulate religious practitioners in South Africa was put forward by the Commission for the Promotion and Protection of the Rights of Cultural, Religious and Linguistic Communities in South Africa in 2017, it was heavily criticised from various avenues. The Commission had been asked to review some, at times, scandalous behaviour of some religious leaders who have been accused of endangering and defrauding the members of their congregations. The Commission’s recommendations were the result of an investigation into the “Commercialisation of Religion and Abuse of People’s Belief Systems. ”
Banks have 18 months to demonstrate an effective anti-money laundering strategy
In January 2025, the global anti-money laundering watchdog, the Financial Action Task Force, will review its decision to greylist South Africa.
SA faces a difficult juggling act to avoid blacklisting which could hamper global trade
Following a bout of shocks to the country’s economy over the past few years, South Africa was suddenly struck with another bombshell earlier this year as the Financial Action Task Force (FATF) announced that the country had been globally greylisted considering government’s efforts to improve its compliance to international standards in preventing illegal financial activities had fallen short. By Harry Scherzer, CEO, Future Forex
Sars announces significant changes to the treatment of trusts
Tax season officially kicked off this week, and the South African Revenue Service (Sars) recently issued a communication on all the form and system changes applicable to trusts from 23 June, which trustees and trust service providers need to take note of. Filing period for non-provisional taxpayer trusts closes on 24 October 2023. Provisional taxpayer trusts - opens from 7 July 2023 and closes on 24 January 2024.
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
Trust-worthy: Trustees, trust administrators, and accountants brace yourselves
A trustee convicted of any offence as a result of not acting in terms of the amended TPCA laws will be liable to a fine of up to R 10 million, or imprisonment for up to five years, or to both such fine and imprisonment.
Tracking your interest rate spiral and your financial future
Before you make panic-induced changes to your financial plan or radically adjust your approach to retirement, it’s important to examine the bigger picture, writes Wouter de Witt, founder and director of Gravitas Tax.