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Never miss a beat on Africa's legal and regulatory landscape.

ENSafrica

Could you be an accountable institution under FICA?

Amendments to FICA adding new accountable institutions to the Schedule were published on 29 November 2022. These came into effect on 19 December 2022, ahead of the possible grey-listing of South Africa by the Financial Action Task Force.

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ENSafrica

New year, new laws: South Africa amends its money laundering and counter-terrorist financing regime

On 22 and 23 December 2022, President Ramaphosa signed two key pieces of legislation into law – the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022 and the Protection of Constitutional Democracy Against Terrori..

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ENSafrica

New accountable institutions in terms of FICA

Amendments to the Financial Intelligence Centre Act, 2001(defining accountable institutions) were published on 29 November 2022. These will come into effect on 19 December 2022, ahead of the possible; of South Africa.

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Webber Wentzel

National Assembly passes a revised version of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill (Omnibus Bill)

On 22 November 2022, the National Assembly passed a revised version of the Omnibus Bill, which proposes to amend five pieces of legislation, including the Companies Act, 2008.

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ENSafrica

Grey-listing looming as South Africa rushes to meet tight deadline

It has been a little over a year since the Financial Action Task Force (“FATF”), an international initiative established to combat money laundering published..

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Webber Wentzel

Update: Cabinet approves the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill Tabled before Parliament

The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2022, which will make the necessary changes to avoid South Africa being “greylisted”, has been tabled.

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ENSafrica

Why a failure to amend FICA could see disinvestment in South Africa’s financial institutions

South Africa has until the end of February 2023 to meet a tight deadline to amend its Financial Intelligence Centre Act, 2001 (“FICA”) or face the consequences of its financial institutions being added to a grey list alongside countries such as Yemen, Sou..

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OALP

Money Laundering Prevention and Prohibition Act 2022: Enhanced Anti Money Laundering Regime in Nigeria

The passage of the Money Laundering (Prevention and Prohibition) Act, 2022 – which repealed the Money Laundering (Prohibition) Act, No. 11, 2011 – has introduced significant changes to the legal and institutional framework for the prevention and prohibition of money..

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OALP

The Proceeds of Crime (Recovery and Management) Act, 2022: Revitalizing Nigeria’s Anti-Graft War

On 12 May 2022 the Proceeds of Crime (Recovery and Management) Act came into effect. Drawing from local experience in the anti-graft war, and noticeably influenced by international instruments such as the UN Convention on Corruption, the..

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