The South African General Laws (Anti-Money Laundering and Combating of Terrorism Financing) Amendment Act, 2022 (recently promulgated) (Act) amends the Financial Intelligence Centre Act (FICA), the Non-Profit Organisation (NPO) Act, the Trust Property Control Act, the Companies Act and the Financial Sector Regulations Act in an attempt to address 14 of the 20 deficiencies identified by the Financial Action Task Force (FATF).
Provision is made in the Act, inter alia, for -
· Greater transparency for beneficial ownership of all corporates.
· New grounds for disqualifying directors and public officers for any conviction under what is sought to prevent under the Act.
· Additional disclosure obligations on trustees and additional grounds for disqualification.
· New registration obligations on NPOs.
· An extension of FICA’s scope.