South African Money Laundering & Terror Financing Law
This work, published since 1999, is the standard reference work on anti-money laundering and the combating of financing of terrorism and proliferation in SA.
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Product description
This work, published since 1999, is the standard reference work on anti-money laundering and the combating of financing of terrorism and proliferation in SA.
It is used by compliance officers, supervisors, risk managers and lawyers to interpret design, assure and enforce compliance with the complex laws and regulations in this space.
The commentary discusses the relevant criminal law and offences, the regulatory system and the compliance obligations of businesses and professions in South Africa, including the duty to report specified transactions to the Financial Intelligence Centre. The law requires regulated institutions to implement a risk-based approach with more due diligence measures where risks are assessed to be higher. The commentary discusses the risk elements to be considered to design appropriate customer due diligence measures and advises on the governance and management of compliance obligations, including the adoption and maintenance of a Risk Management and Compliance Program.
All relevant legislation is included along with the Guidance Notes issued by the Financial Intelligence Centre and a current set of Financial Action Task Force Recommendations, the global standards for anti-money laundering and the combating of financing of terrorism and proliferation.
The work is regularly updated to ensure that it reflects the current law and the guidance provided by the Financial Intelligence Centre.
Available in print (looseleaf) and online format. Print updates are billed on a pay as you go basis. Online format must be added to a Lexis+ base package. Visit www.lexisnexis.co.za/lexisplus for more information.
Table of contents
Part 1: Commentary
The combating of money laundering, financing of terrorism and proliferation financing.
Development of money laundering, terror financing and proliferation financing laws in South Africa.
Key money laundering offences
Key terror financing and international financial sanctions offences
FICA intelligence, supervision and enforcement framework
FICA compliance and registration framework
The duty to report transactions
Risk and the risk-based approach to AML/CFT.
The risk-based approach to customer due diligence
The governance and management of AML/CFT
Part 2: Acts
Prevention of Organised Crime Act No. 121 of 1998
Financial Intelligence Centre Act No. 38 of 2001
Protection of Constitutional Democracy Against Terrorist and Related Activities Act No. 33 of 2004
Part 3: Regulations and Exemptions
Part 4: Guidance Notes issued by the Financial Intelligence Centre
Part 5: Ancillary material: FATF Recommendations
Part 6: Index
Part 7: Table of Statutes
Part 8: Table of Cases
