An interdepartmental Anti-Money Laundering and Combating the Financing of Terrorism committee is being established, Finance Minister Malusi Gigaba has revealed.
This was in response to a Parliamentary question by the Democratic Alliance’s David Maynier on whether an interdepartmental forum would be established to enhance and entrench the consultative process in respect of the Financial Intelligence Centre Amendment Act.
Gigaba said the committee would be chaired by the National Treasury director-general or his representative and would include representatives from the National Treasury; the departments of Justice and Constitutional Development and Home Affairs; the State Security Agency; the South African Police Service; the National Prosecuting Authority; the South African Reserve Bank; the Financial Services Board; and the Financial Intelligence Centre.
It will coordinate South Africa’s response to the Financial Action Task Force, including preparing for the mutual evaluation and the national risk assessment to facilitate compliance with international obligations.
“The committee will assist in the allocation and prioritisation of resources by competent authorities to combat money laundering and terror financing, as well as harmonise and align approaches to financial investigations, prosecutions, convictions and asset forfeitures in money laundering and terrorist financing matters,” Gigaba said.