On 2 May 2017, the Financial Intelligence Centre (FIC) issued a media release stating that it is pleased with the President signing the Amendment Act. The Amendment Act introduces new concepts aiming to implement another level of safeguarding South Africa’s financial system against money laundering, terrorist financing and other illicit activities. The amendments will also assist the FIC in producing high quality financial intelligence, as well as fight financial crime and protect the confidentiality of personal information.
The commencement date of the Amendment Act must still be announced and published in the Government Gazette by the Minister of Finance.