5 new laws set to change business in South Africa – what you need to know

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South Africa’s financial system is being overhauled, with parliament in the process of introducing various amendments to critical business legislation.

The new bills, recently approved by Cabinet, include provisions which focus on strengthening the methods of mitigating financial crime, altering workplace transformation laws and making it easier to do business – to name a few.

The FATF is an international body for setting standards and promoting anti-money laundering and counter-terrorism financing that has made recommendations to South Africa in terms of what has to change. It found that the county’s financial legislation had gaps that allowed for money laundering and other financial crimes to occur.

 

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