National Treasury Gazettes Summaries for COFI and AMLCTF Amendment Bills

Posted 17 April 2026 Written by Acts Online
Category Financial Sector

Brought to you by SA Legal Academy: National Treasury has gazetted procedurally required pre-tabling explanatory summaries for the Conduct of Financial Institutions Bill and the General Laws [Anti-Money Laundering & Combating Terrorism Financing (AMLCTF)] Amendment Bill.

In terms of the procedural requirements for the introduction of legislation to Parliament, these summaries provide the regulatory framework for upcoming changes to financial sector conduct and anti-money laundering protocols. The Conduct of Financial Institutions Bill (COFI) follows a second round of stakeholder consultations on a revised draft published in September 2020. The Bill seeks to:

  • Consolidate the legal framework for the conduct of financial institutions;
  • Protect financial customers and promote better outcomes;
  • Promote financial inclusion and support the transformation of the financial sector; and
  • Provide for licensing, conduct of business, and enforcement provisions.

AMLCTF Amendment Bill and FATF Compliance

The General Laws [Anti-Money Laundering & Combating Terrorism Financing (AMLCTF)] Amendment Bill is designed to strengthen South Africa’s anti-money laundering and combating terrorism financing system. This legislative update is a prerequisite for the country’s Financial Action Task Force (FATF) mutual evaluation, which is scheduled to take place between mid-2026 and October 2027.

The Bill’s explanatory summary, which follows a draft released for public comment in January 2026, refers to proposals affecting the following statutes:

  • Trust Property Control Act, No. 57 of 1988;
  • Non-profit Organisations Act, No. 71 of 1997; and
  • Financial Intelligence Centre Act, No. 38 of 2001.

What this means for you, your business, or your clients

  • For yourself: No direct individual obligations; impact is channelled through firm-level compliance and the requirement to advise clients on new statutory reporting duties.
  • For your business: Financial institutions must prepare for a consolidated licensing framework under the COFI Bill, which will eventually replace several existing conduct-related statutes and streamline compliance reporting.
  • For your clients: Trustees and NPO office-bearers must ensure compliance with enhanced beneficial ownership and reporting requirements to avoid penalties under the amended AMLCTF framework.

Originally published at https://legalacademy.co.za/news/read/financial-sector-two-key-bills-head-to-parliament

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