SA has been given more time to get its system of financial regulation in order to meet international requirements. This comes amid fears that last week’s failure to promulgate the Financial Intelligence Centre (FIC) Amendment Bill before the meeting of the Financial Action Task Force, would result in the issuing of a public statement that could have had a negative effect on the correspondent banking relationships South African banks have with their foreign counterparts. Such a public statement would be on SA’s compliance with standards against money laundering and terrorist financing. Instead, the plenary of the Financial Action Task Force held in Paris last week, decided to defer the decision on the issuing of a public statement to its next plenary meeting, scheduled for June 21-23, when the body will consider the progress made by SA in meeting its international commitments. The decision by task force has been welcomed by the Treasury and the FIC. The promulgation of the bill was d...

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