# Anti-money laundering and terrorism

- Link: https://dearsouthafrica.co.za/aml/
- Published: 2022-10-02T19:34:41+02:00
- Author: dearSA

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### **453**** **comments delivered (closed 25 October 2022)

### The Standing Committee on Finance invited written submissions on the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill

Amends the;

    - **Trust Property Control Act**
    - **the Nonprofit Organisations Act**
    - **the** **Financial Intelligence Centre Act**
       * to amend provisions and Schedules relating to “politically exposed persons”;
       * to amend provisions relating to the risk management and compliance programme
         and targeted financial sanctions;
       * and amend provisions providing for the amendment of Schedule 2 to the Act
         and the Schedules.
    - **the Companies Act, 2008**
    - **the Financial Sector Regulation Act.**

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_Is the government trying to control non-profit organisations (NPOs)? David Ansara
of the CRA speaks with Martin van Staden of the IRR about the problems with the 
proposed General Laws (Anti-Money Laundering and Combating Terrorism Financing) 
Amendment Bill._

### SUMMARY

Amends the;

 * **Trust Property Control Act,** 1988 to prevent the misuse of trusts for money
   laundering or terrorist financing, ensure that there is adequate, accurate and
   timely information on trusts, including information on the trustee and beneficiaries,
   that can be obtained or accessed in a timely fashion by the authorities, and 
   address the deficiencies relating to trustees being required to obtain full information
   on beneficial ownership when they are creating trusts;
 * **the Nonprofit Organisations Act**, 1997, to ensure that nonprofit organisations
   are not misused by terrorist organisations, or vulnerable to terrorist financing
   abuse;
 * **the** **Financial Intelligence Centre Act**, 2001, to effect certain amendments
   to the objectives and powers of the Financial Intelligence Centre; customer due
   diligence requirements; to amend provisions relating to a “beneficial owner”;
    - to amend provisions and Schedules relating to “politically exposed persons”;
    - to amend provisions relating to the risk management and compliance programme
      and targeted financial sanctions;
    - and amend provisions providing for the amendment of Schedule 2 to the Act 
      and the Schedules.
 * **the Companies Act, 2008**, to require that there is adequate, accurate and 
   up-to-date information on the beneficial ownership and control of legal persons
   that can be obtained or accessed rapidly and efficiently by the authorities, 
   through a register of beneficial ownership; and
 * **the Financial Sector Regulation Act,** 2017, to enable the financial sector
   regulators to issue standards and directives in relation to beneficial owners
   of financial institutions.

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