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SA's financial intelligence standards lag far behind the rest of the world: Treasury - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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National Treasury has warned that South Africa has four months to tighten its financial intelligence legislation to international standards or risk being greylisted.

Treasury and the Financial Intelligence Centre have briefed parliament’s Joint Standing and Select Committees on Finance this week on the amendments to Schedules 1, 2, and 3 of the Financial Intelligence Centre Act 38 of 2001, and informed the house that if things remain the same, international regulators in the United Kingdom, United States of America, Japan, and China may restrict their domestic banks from transacting with banks in the country.

Momoniat adds that when evaluating particular standards and other countries, Treasury found that other states have moved so far along in terms of financial intelligence standards that their regulatory frameworks are not only designated to specified financial institutions but extend to designated non-financial businesses and professions.

The Executive Manager for Legal and Policy at the Financial Intelligence Centre, Pieter Smit said the implications of this will inevitably be the cost of business going up.

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Should already have been compliant - or shut it’s doors! Banks word wide are going BUST! 💥💪🏻👏🏻 About time!

Basel lll

Jst greylisted it ,,some people are so denial

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