South Africa’s National Treasury said the draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2024 has been updated from its 13 December 2024 version (Government Notice No. 5683, Gazette No. 51772).
Treasury noted the revision “incorporates amendments related to non-governmental organisations (NGOs) and the conducting of lifestyle audits to continue strengthening the country’s AML/CFT system.”
The draft Amendment Bill proposes changes to over 10 sections of the Financial Intelligence Centre (FIC) Act.
Some of the sections include Section 40, to allow the Financial Intelligence Centre (FIC) to share information with the Public Procurement Office and the Border Management Authority; Section 40, to authorise the FIC to share information obtained through lifestyle audits; and Section 41A, to extend the protection of personal information under the Protection of Personal Information Act, 2013, to additional parts of the FIC Act among others.
These steps are designed to position South Africa for its next FATF Mutual Evaluation, running from mid-2026 to October 2027, while consolidating the reforms that helped the country exit the FATF grey list in 2025.
The National Treasury has invited public comment on a draft bill that would amend four key laws, including those governing companies, financial institutions, and non-profit organisations.
The proposals also expand the powers of the Financial Intelligence Centre (FIC), the body responsible for identifying and analysing the proceeds of crime.
Closing gaps in South Africa’s financial crime framework
According to the National Treasury, the draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill is intended to address regulatory shortcomings identified in South Africa’s 2021 Financial Action Task Force (FATF) mutual evaluation.
If passed, the legislation would grant the FIC broader authority to collect and share financial intelligence with other state agencies, enhance oversight of beneficial ownership structures, and improve monitoring of suspicious transactions, including those involving non-profit entities.
The proposals also aim to address emerging risks linked to new technologies used in financial crime.
The National Treasury said the reforms are part of a broader effort to safeguard the integrity of South Africa’s financial system and maintain alignment with global anti-money-laundering and counter-terrorism financing standards.
Public comments on the draft bill remain open until mid-February, after which the legislation will be refined and submitted to Parliament.
