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FIC Adviser Says South African Anti-Laundering Alliances Progressing Well

by Robert Lee, Tax-News.com, London

12 November 2002


Briefing the South African parliamentary portfolio committee for finance on the memorandum of understanding agreed between the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) and South Africa, Murray Michael expressed satisfaction at the anti-money laundering progress which has been made so far in the country.

Speaking on Friday, the special adviser to the Financial Intelligence Centre (FIC) announced that South Africa's membership in the ESAAMLG was approved in August, and is now awaiting parliamentary ratification. He also revealed that the FIC has been attending Financial Action Task Force (FATF) meetings as an observer, and expects to be invited to become a member when the Centre is fully operational early next year.

It is anticipated that FIC regulations will be approved and in force by the beginning of February 2003, with further 'know your customer' and other regulatory provisions to be phased in throughout the year.


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