South African Lawmakers Approve Terrorism-Financing Law
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South Africa’s parliament passed legislation to combat money laundering and terrorism financing needed to avoid the country being added to a global illicit-finance watchlist.
The passage of the General Laws Amendment Bill alters five pieces of legislation to satisfy technical compliance deficiencies identified in an assessment by the Financial Action Task Force, the National Treasury said in a statement on Tuesday. It addresses shortcomings in at least 14 of the 20 recommendations by the FATF, including the enhancement of powers and procedures for regulatory authorities.