The bill makes amendments to four key financial acts, changing wording and responsibilities to better secure South Africa’s financial systems from money laundering and terrorism financing.
Government has until October to demonstrate that it has a credible plan to address its deficiencies – failing to do so would result in the country being greylisted in February of next year. Enabling the Nonprofit Organisations Directorate, in order to perform its functions, to collaborate, co-operate, co-ordinate and enter into arrangements with other organs of state;
Amending the definitions of “beneficial owner”, “domestic prominent influential person” and “foreign prominent public official”, and inserting a definition of “prominent influential person”;Amending the functions of the Centre to include the provision of forensic information; by empowering the Centre to request information held by other organs of state;
Enabling the Centre to renew a direction not to proceed with a transaction; by providing for the safeguarding of information;
More money for the anc to steal
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