Firms’ foot-dragging a threat to SA’s bid to escape greylist
Legal practitioners and estate agencies have not complied with the FIC’s information requirements
The lack of co-operation by legal practitioners and estate agencies regarding requests by the Financial Intelligence Centre (FIC) for critical information required by the Financial Action Task Force (FATF) threatens to derail SA’s bid to be removed from the FATF greylist.
The information is critical as SA has to submit a report to the Africa and Middle East working group of the FATF by May. This will be considered at a plenary of FATF in June. The FIC needs to gather all its reports by the end of March to meet this deadline. This leaves about six weeks for delinquent businesses to comply with FIC notices requiring risk and compliance returns...
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