South Africa: Money Laundering

South Africa's Financial Intelligence Centre has released an updated sector risk assessment for legal practitioners ahead of the 2027 FATF mutual evaluation, identifying the profession as highly vulnerable to money laundering and terrorist financing abuse. The draft report highlights significant concerns about low regulatory reporting despite high transaction values, widespread cash use, and questions whether legal practitioners are accurately assessing their own compliance risks. With comments due by 14 Ju

South Africa's removal from the FATF grey list marked a significant achievement, but the country now faces a more demanding phase of scrutiny focused on effective enforcement rather than legislative compliance. The Madlanga Commission's findings on alleged corruption within the criminal justice system present both a stark challenge and an opportunity to demonstrate that the country's anti-money laundering and counter-terrorism financing frameworks can hold powerful individuals accountable.

As the African Continental Free Trade Area accelerates implementation and intra-African trade volumes grow, recent Financial Action Task Force developments highlight both the urgency and complexity...

The African Continental Free Trade Area ("AfCFTA") presents a transformative opportunity for enhanced commercial integration among African States.

​​​On 19 December 2024, the National Treasury published the Draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2024 (Draft Bill) for public comment.

The Financial Action Task Force (FATF) issued South Africa's Third Enhanced Follow-Up Report and Technical Compliance Re-Rating in respect of its measures to tackle money laundering and terrorist financing on 5 November.

South Africa has introduced a new reporting obligation for trustees to keep up-to-date records of the beneficial ownership of trusts and to submit that information...

Between April 2019 and June 2021, South Africa underwent a mutual evaluation of its anti-money laundering and counter-financing of terrorism controls, which culminated in the publication...

On 19 May 2023 FIC issued a reminder to accountable institutions to comply with their obligations under Directive 6 of 2023 which requires designated non-financial businesses and professions listed in Schedule 1 ...