Parliamentary committees finalize two bills to prevent greylisting

The government is racing against time to avoid punishment by the global watchdog, the Financial Action Task Force (FATF).

FILE: Parliament of South Africa in Cape Town. Photo: Christa Eybers/Eyewitness News.

CAPE TOWN — Parliament is moving quickly to strengthen laws that will keep it off an international gray list and make it even harder for the country to do business with international partners.

The government is racing against time to avoid punishment by the global watchdog, the Financial Action Task Force (FATF).

On Friday, the finance and police committees each put the finishing touches to bills aimed at combating money laundering and terrorist activities.

As the government scrambles to avoid being added to a gray list of more than 20 countries in February next year, the finance standing committee is under heavy pressure to finalize an anti-money laundering bill. money in just a few weeks.

President Joe Maswanganyi: “We didn’t want to take a shortcut just for compliance because someone over there was going to challenge the bill and the Constitutional Court was going to throw it out the window.”

The police committee also finalized amendments to a bill aimed at curbing terrorism-related activities, including banning online offers of terrorism training.

Committee Chair Tina Joemat-Pettersson: “We took views from all points of view. I don’t think there is a single stakeholder who can claim to have been overlooked or overlooked. We have given enough time.”

The bills must now be submitted to the National Assembly in the coming weeks for adoption.

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