SA ‘on track’ to satisfy Financial Action Task Force
Treasury expects financial regulations will meet international requirements, which will safeguard local banks’ offshore relationships
SA’s system of financial regulation is expected to meet the expectations of the Financial Action Task Force when the organisation meets in October, says Treasury deputy director-general Ismail Momoniat. This will mean that SA will be out of danger of being placed on the watch list of the task force. Being placed on the watch list would jeopardise the relationships local banks have with foreign counterparts. Such relationships are vital to effect payment for imports and exports. The intergovernmental Financial Action Task Force works to combat money laundering and the financing of terrorism. A number of key regulations under the Financial Intelligence Centre Amendment Act (Fica) will have to be promulgated before the October meeting. "Everything is on track," Momoniat said. "Almost all of the regulations will be in place by next year. We are very confident that we will be able to satisfy the Financial Action Task Force. "We have to get the regulations finalised before October 2 in ac...
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