South Africa proposed changes to laws that would give the government stronger tools to monitor money flows and impose tougher penalties on those engaging in financial crimes.
The National Treasury on Wednesday issued a call for public comment on a bill that aims to combat money laundering and terrorism financing by amending four pieces of legislation, including those governing non-profit entities and companies. It also proposes giving South Africa’s Financial Intelligence Centre — a unit mandated to assist in identifying the proceeds of crime — broader powers.
If passed, the bill would allow the FIC to conduct lifestyle audits and ...