Speaking to the South African media this week, Jacques Marnewicke, head of forensic investigations at financial services group, Sanlam revealed that institutions affected by the new Financial Intelligence Centre Act are concerned that there are no official guidelines regarding required levels of compliance with the legislation.
According to the Business Report news service, representatives of the affected industries (which include the legal services, finance, brokerage and real estate sectors) are holding talks to try to find a mutually-agreeable compliance standard.
"Everyone is worried that if they are too strict in their interpretation of the act they will lose market share to competitors who comply with the letter but not the spirit of the law," Business Report quoted Mr Marnewicke as observing.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment