companies
South Africa has put new laws in place to address the concerns of global money laundering and terrorist financing watchdog, the Financial Action Task Force (FATF), which last month placed the country on the “greylist” of countries under increased monitoring.
These laws relating to beneficial ownership will have a significant impact on financial institutions and companies.
The FATF identified serious deficiencies in South Africa’s regulatory systems and the effectiveness of its anti-money laundering and counter-terrorism regime.
Countries on the greylist are committed to working with the FATF to put the necessary measures in place to address such deficiencies.
