General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Bill Tabled

Posted 28 May 2026 Written by Acts Online
Category Parliament

Brought to you by SA Legal Academy: Parliamentary papers have confirmed the formal introduction of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Bill, which has been referred to the National Assembly’s Standing Committee on Finance for processing.

The Bill, which was released in draft form in January 2026 for public comment, seeks to address outstanding regulatory deficiencies identified during the 2023 international Financial Action Task Force (FATF) grey listing and subsequent follow-up processes. The proposed legislation aims to strengthen South Africa’s regulatory framework ahead of the next FATF review.

The Bill proposes key amendments to several statutes, including the Financial Intelligence Centre Act, No. 38 of 2001 (FIC Act), the Companies Act, No. 71 of 2008, and the Close Corporations Act, No. 69 of 1984. Once enacted and operationalised, the amendments will introduce the following changes:

  • Financial Intelligence Centre Act, No. 38 of 2001: Amendments will enhance the regulatory powers of the Financial Intelligence Centre (FIC) to monitor and enforce compliance, addressing specific technical deficiencies highlighted by the FATF.
  • Companies Act, No. 71 of 2008: Amendments seek to improve transparency regarding beneficial ownership, requiring companies to maintain and file accurate records of ultimate beneficial owners.
  • Close Corporations Act, No. 69 of 1984: Close corporations will be explicitly obliged to comply with the annual return requirements set out in section 33 of the Companies Act, aligning their reporting standards with those of companies.

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

  • For yourself: No direct individual compliance obligations; however, as a professional, you must familiarise yourself with the upcoming beneficial ownership reporting requirements to advise your firm or clients accurately.
  • For your business: Your firm must prepare to update its internal compliance and risk management plans (CRMPs) to align with the stricter FIC Act provisions and ensure internal company secretarial processes are ready for enhanced beneficial ownership disclosures.
  • For your clients: Close corporations and corporate clients will face stricter annual return filing requirements under section 33 of the Companies Act and must establish robust mechanisms to identify, record, and report ultimate beneficial ownership to avoid non-compliance penalties.

Originally published at https://legalacademy.co.za/news/read/anti-money-laundering-terrorism-financing-general-laws-amendment-bill-tabled

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