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New forum to tackle money laundering, terror funding

Publish date: 04 December 2017
Issue Number: 754
Diary: IBA Legalbrief Africa
Category: General

South Africa's Justice and Finance Ministries will set up an inter-departmental forum to improve efforts in combating money laundering and terrorist financing. TimesLIVE reports that the new forum will replace the Counter Money Laundering Advisory Council (CMLAC) and aims to improve the quality of consultation for the implementation of the Financial Intelligence Centre Act. Finance Minister Malusi Gigaba said while the CMLAC had played a significant role in the drafting of the initial regulations of the Act when it was first enacted in 2003, it was not effective as a forum for implementation. The mandate of the new forum is to promote discussion, collaboration and co-ordination between the relevant law enforcement agencies, government departments and regulatory authorities to ensure that authorities are more effective in implementing both the spirit and letter of the complete legal framework against money laundering and terrorist financing. Gigaba added that a separate consultative structure to facilitate engagements with accountable institutions in the private sector was being established. In this regard, a banking sector unit has also been established. A consultation document for public input on the new consultation mechanisms has been published. These consultations would be monitored until a formalised structure was put into place, said Gigaba.

Full TimesLIVE report