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Tag: Financial Intelligence Centre (FIC)

SARS and CIPC compliance crusade aimed at getting South Africa off...

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On 27 June 2024, the South African Revenue Service (SARS) announced its enhanced Beneficial Ownership disclosures for the 2024 Filing Season. Not even 24 hours later, the Companies and Intellectual Property Commission (CIPC) issued a media release enforcing beneficial ownership (OB) declaration, to be able to file annual returns. This may simply be a compliance coincidence, but more likely a strategic move to eradicate non-compliance for companies, trusts, and partnerships, on all levels.

Consequences of non-compliance for all accountable institutions

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The Financial Intelligence Centre (FIC) brings to the attention of all accountable institutions, important information regarding penalties and administrative sanctions for non-compliance. This information applies also to those institutions included on Schedule 1 of the Financial Intelligence Centre Act 2001 (Act 38 of 2001) since December 2022.

How to win the fight against fraud & corruption at corporate...

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South Africa has been enlisted on the Financial Action Task Force’s (FATF) dreaded “Grey List” for over four months – fortunately, though, the country has not been standing still. Significant new provisions are shaking up the corporate landscape and by comprehensively implementing stricter controls, the country can transition more quickly from the Grey List to the coveted “Whitelist.”

Company confidential shareholding days are over

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On 1 April 2023, the Companies and Intellectual Property Commission (CIPC) released its new “beneficial ownership register” functionality on its e-services platform. This new requirement has placed companies under the spotlight as they must now declare their beneficial ownership to the CIPC. This means the days when the “warm body” which sits behind a company can no longer remain off record.

Government wants to get off the greylist by 2024

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In a recent newsletter, President Cyril Ramaphosa said that South Africa knows what needs to be done to be removed from the greylist and that the fundamentals are in place. Eight areas of strategic deficiency have been identified by the Financial Action Task Force (FATF) which government needs to urgently address in order to get off the greylist.

Medium Term Budget Policy Statement 2022 | SA Finance Minister Enoch...

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The 2022 Medium Term Budget Policy Statement (MTBPS) was tabled to Parliament on 26 October 2022 by South African Finance Minister Enoch Godongwana.

Financial Services Regulation – Update

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Keep up to date on the most important Financial Services Regulation developments in South Africa in June 2021.

Budget 2021 | SA Finance Minister Tito Mboweni’s Speech

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The 2021 Budget was tabled to Parliament on 24 February 2021 by South African Finance Minister Tito Mboweni.

How attorneys, notaries and conveyancers can help fight crime

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The Financial Intelligence Centre Act (FIC Act) requires accountable institutions, identified in the Act to fulfil compliance obligations, which are geared to assist in identifying the proceeds of crime, combating money laundering and terrorist financing.

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