Lawyers & estate agents are the weak links in SA’s greylist exit strategy.
GUEST – Christopher Malan - Executive Manager – Compliance and Prevention at Financial Intelligence Centre (FIC)
Positive efforts and commitment by non-financial businesses and professions (DNFBPs) registered with the Financial Intelligence Centre (FIC) have significantly contributed to bringing South Africa closer to exiting the FATF (Financial Action Task Force) grey list.
Despite these strides, the DNFBPs subject to supervision by the FIC, are reminded that the country has only partially addressed the grey listing concerns pertaining to DNFBP risk and compliance understanding, as raised by FATF. DNFBPs include legal practitioners, estate agents, trust service providers (including accountants), and dealers in precious stones and metals (including Krugerrands), and other dealers in high-value goods.
Positive efforts and commitment by non-financial businesses and professions (DNFBPs) registered with the Financial Intelligence Centre (FIC) have significantly contributed to bringing South Africa closer to exiting the FATF (Financial Action Task Force) grey list.
Despite these strides, the DNFBPs subject to supervision by the FIC, are reminded that the country has only partially addressed the grey listing concerns pertaining to DNFBP risk and compliance understanding, as raised by FATF. DNFBPs include legal practitioners, estate agents, trust service providers (including accountants), and dealers in precious stones and metals (including Krugerrands), and other dealers in high-value goods.