South Africa Strengthens Anti-Terrorism Laws
Cape Town: A Step Towards Combatting Terrorism Financing
South Africa has made a significant move towards combating terrorism financing by amending several key laws. These changes aim to strengthen the country’s anti-terrorism legislation, making it more difficult for terrorists to operate undetected.
Key Amendments Introduced
The amendments were assented to on December 13 and affect several Acts, including:
- Trust Property Control Act, 1988: New definitions of “beneficial owner” and “prominent influential person” have been introduced to help identify individuals linked to terrorism financing activities.
- Nonprofit Organisations Act, 1997: Financial institutions are now required to maintain records of beneficial ownership and file these with the relevant authorities.
- Financial Intelligence Centre Act, 2001: The Financial Intelligence Centre (FIC) has been empowered to request information from other organs of state and renew directions not to proceed with transactions deemed suspicious.
- Companies Act, 2008: Individuals convicted of money laundering or terrorist financing offenses are no longer eligible to register as company directors in South Africa.
- Financial Sector Regulation Act, 2017: The amendments aim to enhance transparency and accountability in the sector, making it more challenging for individuals or groups to misuse charitable funds or launder money through South African financial systems.
Benefits of the Amendments
The changes are intended to:
- Enhance transparency and accountability in the sector
- Make it more challenging for individuals or groups to misuse charitable funds or launder money through South African financial systems
- Strengthen the country’s anti-terrorism legislation
- Significantly enhance the ability to detect and prevent illicit activities
Comment from Parliament
A spokesperson for Parliament said: “These changes demonstrate our commitment to combatting terrorism financing and protecting the integrity of our financial system. We believe they will significantly enhance our ability to detect and prevent illicit activities.”
The amendments are set to take effect soon, following the usual parliamentary process.