New finance laws for South Africa get the green light

Finance Minister Enoch Godongwana has welcomed the passing of the General Laws Amendment Bill by the National Council of Provinces on Tuesday.

The Bill amends five pieces of legislation to satisfy the technical compliance deficiencies that were identified in the FATF in its Mutual Evaluation Report last year. These technical compliance deficiencies represent one-half of the exam we must pass. “The outstanding four deficient recommendations are being addressed via policy processes and mechanisms.”

He said if the National Assembly adopts the Bill with the proposed amendments, the NCOP and the Select Committee on Finance in the NCOP will then consider the Bill.

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