The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2022 was tabled in Parliament on 29 August 2022.
The primary objective of the draft legislation is to address deficiencies, identified by the Financial Action Task Force, in South Africa's anti-money laundering regime. The Bill is an omnibus bill (Omnibus Bill), which proposes amendments to several pieces of legislation:
Public comments, invited on 27 September 2022, must be submitted by no later than 12h00 on Monday, 10 October 2022.
Webber Wentzel will be submitting comments on the Omnibus Bill.
A copy of the Omnibus Bill can be accessed
here.
Please see our previous updates here and
here for background detail on the Omnibus Bill.
A detailed explanation of the key proposed amendments to each piece of legislation can be accessed by clicking on the title of the relevant legislation
The Omnibus Bill amends several definitions in the Financial Intelligence Centre Act, 2001 (FICA) and introduces other definitions.
The Omnibus Bill proposes amendments to the Companies Act, 2008 (Companies Act), primarily related to disclosure of information concerning beneficial ownership.
The Omnibus Bill amends the Financial Sector Regulation Act, 2017 (FSR Act). The Omnibus Bill introduces the concept of beneficial owners into the FSR Act by introducing a new Chapter 11A into the FSR Act.
The Omnibus Bill introduces a new section, dealing with beneficial ownership, into the Trust Property Control Act, 1988 (TPCA).
The Omnibus Bill proposes amendments to the Nonprofit Organisations Act, 1997 (NOA), primarily related to registration of nonprofit organisations and disclosure of information relating to their office-bearers, control structure, governance, management, administration, and operations.
