Post by Oliver on Feb 26, 2022 15:19:34 GMT
The South African Treasury has said it expects the proposals to include crypto asset service providers as accountable institutions within the Financial Intelligence Centre (FIC) Act to be finalized this year.
The move to regulate crypto service providers comes as South Africa is attempting to address the “significant weaknesses in the country’s anti‐money‐laundering and counter-financing of terrorism systems” that were identified by the Financial Action Task Force (FATF).
In its latest budget review document, the South African Treasury explains that the proposed amendments, which have been open for public input since June 2022, will see the FIC Act become aligned with the standards set forth by the FATF.
“This change would address concerns around money laundering and terror risk financing through crypto-assets and align the act to the standards set by the FATF for virtual assets and related service providers,” the treasury said in its budget review document.
The move to regulate crypto service providers comes as South Africa is attempting to address the “significant weaknesses in the country’s anti‐money‐laundering and counter-financing of terrorism systems” that were identified by the Financial Action Task Force (FATF).
In its latest budget review document, the South African Treasury explains that the proposed amendments, which have been open for public input since June 2022, will see the FIC Act become aligned with the standards set forth by the FATF.
“This change would address concerns around money laundering and terror risk financing through crypto-assets and align the act to the standards set by the FATF for virtual assets and related service providers,” the treasury said in its budget review document.
