Purpose The purpose of this paper is evaluate the provisions of Financial Intelligence Centre Act Amendment Bill, 2016 which intends to give effect to the implementation of the envisioned risk-based approach in anti-money laundering/combating financing of terrorism (AML/CFT) processes, as well as the extent to which the provisions address certain technical shortcomings elucidated in 2009 Mutual Evaluation Report concerning South Africa’s AML/CFT’s framework. Design/methodology/approach Sources of information consisted of scholarly articles, articles retrieved from the Web, news reports, reports published by national and international regulatory bodies, legislation and draft legislation. Findings Findings suggest that the South African legislature not only addresses the particular shortcomings specifically highlighted in the 2009 Mutual Evaluation Report comprised by the Financial Action Task Force but also requires the establishment of a framework for the realisation of a risk-based approached in every “risk” scenario and on an on-going basis. Practical implications Accountable institutions will be required to establish and implement a Risk Management and Compliance Program which must provide both the framework and the strategy for the execution of the risk-based approach when establishing a business relationship, during the course of administrating the business relationship as well as when concluding any single transaction in pursuit of the business relationship. Originality/value This paper serves to alert accountable institutions, compliance and corporate governance professionals and AML and counter-terrorist financing practitioners of the risk-based approach South African accountable institutions will be obliged to implement in their AML/CFT processes, the extent to which a risk-based approach must be incorporated and the aspects that must be provided for in terms of the mandated Risk Management and Compliance Program once the Financial Intelligence Centre Act Amendment Bill, 2016 is signed into law.
The Department of Trade and Industry (the "Department") released its policy document on corporate law reform entitled South African Company Law for the 21 st Century-Guidelines for Corporate Law Reform for public comment on June 24, 2004. It suggested that only one formal business vehicle should be recognised, which should be distinguished on the basis of size of turnover, and which would in turn determine the reporting requirements. The policy document asserted that the current distinction between close corporations, private companies and public companies is artificial and does not allow an easy transition from one type to another.
Purpose -The purpose of this paper is to identity the prevalence and kinds of financial crime in seventeenth and eighteenth century Roman-Dutch law. Design/methodology/approach -The object is achieved by a legal and historical analysis of the available legal sources especially of the main Roman-Dutch and other institutional authorities. Findings -It is found that the general crime of falsity in Roman-Dutch law had a much greater ambit than the present-day fraud and had it survived, would have been very valuable to combat present-day financial crime more effectively. Research limitations/implications -Further research on other Roman-Dutch sources on falsity. Originality/value -The paper shows there is much to learn from legal history in that the recognition of a general crime of falsity will very valuable to combat present-day financial crime much more effectively. Of value to everybody engaged in the battle against financial crime.
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