Pretoria: The National Treasury has released the draft General Laws Amendment Bill as part of its Anti-Money Laundering and Combating Terrorism Financing initiatives for public comment via the Government Gazette. This draft legislation is an effort to bolster South Africa's Anti-Money Laundering and Combating Terrorism Financing system by addressing deficiencies identified in the 2021 Financial Action Task Force Mutual Evaluation Report.
According to South African Government News Agency, South Africa was placed on the greylist in February 2023 but has since been removed following the implementation of key reforms targeting money laundering and terrorism financing. The draft Bill is an update of the 2024 draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, first published for public comment on 13 December 2024, as stated in Government Notice No. 5683 in Government Gazette No. 51772.
The National Treasury has expanded the draft Bill to include amendments concerning non-governmental organisations and lifestyle audits, further strengthening the country's AML/CFT system. These additions aim to better prepare South Africa for the next FATF Mutual Evaluation, scheduled to begin in mid-2026 and conclude by October 2027.
The draft Amendment Bill was developed in collaboration with the Department of Trade, Industry and Competition, the Department of Social Development, the Financial Intelligence Centre, and financial sector regulators, including the Prudential Authority and Financial Sector Conduct Authority. It proposes amendments to four pieces of legislation under the responsibilities of different Ministers.
The proposed changes include updates to the Financial Intelligence Centre Act, the Financial Sector Regulation Act, the Companies Act, and the Nonprofit Organisations Act. Specific amendments address issues such as targeted financial sanctions, information sharing, protection of personal information, customer due diligence, and sanctions for non-compliance with beneficial ownership obligations.
The public can access the draft Bill on the National Treasury website, and comments are due by 13 February 2026. The publication details are Government Notice No. 6997 in Government Gazette No. 53955, dated 14 January 2026.