The new bill for preventing money laundering and terrorism financing follows on the Financial Action Task Force taking South Africa off the greylist recently
National Treasury has published the draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, which is aimed at preventing financial crimes, for public comment.
According to National Treasury the draft Bill is an updated version of the draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill that was published for public comment on 13 December.
The update contains National Treasury’s subsequent expansion on the draft Bill to incorporate amendments related to non-governmental organisations (NGOs) and conducting lifestyle audits to continue strengthening the country’s anti-money laundering and combating terrorism financing system.
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Changes to Bill will prepare SA for next FATF evaluation
These additions will ensure the country is better prepared for the next Financial Action Task Force (FATF) mutual evaluation for South Africa that will start in mid-2026 and conclude in October 2027.
The draft Bill aims to strengthen the country’s anti-money laundering and combatting of terrorism financing system by addressing the remaining deficiencies identified in the 2021 FATF mutual evaluation report for South Africa as well as during the remedial process that culminated in South Africa exiting the FATF greylist in October 2025.
The draft Amendment Bill was developed with the departments of trade, industry and competition, social development, the Financial Intelligence Centre and financial sector regulators, such as the Prudential Authority and Financial Sector Conduct Authority.
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Changes in the new version of the financial crime prevention bill
The Bill proposes amendments to these four pieces of legislation that fall under the administrative responsibilities of different ministers:
- the Financial Intelligence Centre Act of 2001 under the minister of finance;
- the Financial Sector Regulation Act of 2017 under the minister of finance;
- the Companies Act of 2008 under the minister of trade, industry and competition; and
- the Nonprofit Organisations Act of 1997 under the minister of social development.
These sections of these laws that would be amended in the draft Amendment Bill, if enacted, are:
- Financial Intelligence Centre (FIC) Act to deal with minor deficiencies relating to targeted financial sanctions in sections 26A, 26B, 28A and 51A;
- Section 40 of the FIC Act to allow the FIC to share information with the Public Procurement Office and the Border Management Authority;
- Section 40 of the FIC Act to authorise the FIC to share information it obtains through conducting lifestyle audits;
- Section 41A of the FIC Act to expand the sections of the Act where the protection of personal information applies regarding the Protection of Personal Information Act;
- Section 42 of the FIC Act to address minor deficiencies identified with respect to new technologies;
- Section 46 of the FIC Act to address a deficiency relating to customer due diligence measures for anonymous clients;
- Section 30 of the Nonprofit Organisations Act to specify the maximum amount of the fine and years of imprisonment in respect of an offence in terms of the Act;
- Sections 82 and 175 of the Companies Act to address deficiencies related to the application of remedial actions and/or dissuasive and proportionate sanctions for non-compliance with beneficial ownership obligations
- Sections 2, 3, 58, 106, 108, 111, 131 and 135 of the Financial Sector Regulation Act to close gaps in the protection of financial sector customers and licensing and regulations for market conduct and anti-money laundering and strengthen licensing and enforcement powers; and
- Other technical amendments related to strengthening the country’s anti-money laundering and anti-corruption laws.
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If you want to comment on the financial crimes prevention bill
People who want to read the Bill can find it on the National Treasury website. The final date for submitting public comment is 13 February 2026.
National Treasury says the process that will be followed after receiving public comments include the departments, National Treasury, the Financial Intelligence Centre and the financial sector regulators considering the written comments on the draft Amendment Bill and making appropriate revisions to the published Bill for submission to Cabinet and subsequent tabling in parliament.