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.

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.

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