The recent changes to the Financial Intelligence Centre (FIC) Act (General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022) have resulted in some companies meeting the definition of a High-Value Goods Dealer and now being required to comply with the FIC Act. Importantly, in some instances, this now includes companies that were previously excluded.
These changes to the FIC Act schedule and subsequent changes to the FIC Act itself, are in response to strengthening South Africa’s financial integrity, Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) frameworks. The original framework was tested by the Financial Action Task Force in 2019 and resulted in South Africa’s grey listing (Notice by Treasury).
SEIFSA in response to these developments and in conjunction with the Financial Intelligence Centre (FIC) will host a complimentary webinar, in which the FIC will provide insights into:
- The 2019 Mutual Evaluation and the greylisting of South Africa;
- South Africa’s action items to address greylisting, with a focus on how these impacts on High-Value Goods Dealers;
- The FIC issued Public Compliance Communication 58 relating to High-Value Goods Dealers (PCC 58); and
- Sanctions for non-compliance.
As this development now affects manufacturers and the sanctions for non-compliance being particularly onerous it is imperative that you attend this webinar.
Details of the Webinar:
MS Teams – Thursday, 1 August 2024 at 10:00 am to 11:00 am
Register here