“The FIC was pleased to have the opportunity to engage with the Law Society on these and other important topics, which are central to addressing the concerns raised by the Financial Action Task Force following its assessment of South Africa’s AML/CFT regime,” he said.
The country’s Financial Action Task Force greylisted earlier this year assigning responsibility for regulatory compliance by specific sectors to avoid becoming high risk.
Christopher Malan, Executive Director of Compliance and Prevention at FIC, said: “It is really important for the legal profession to be aware of FIC’s compliance obligations and to have an understanding of how they can be misused for money laundering and/or terrorist financing.
“Exploiting them for the purposes of financial crimes puts them and the country at risk.”
Tony Pillay, executive director of the Law Society, said they look forward to further engagement with the FIC “with a view to looking at the specific contextual realities of the legal profession”.
He said: “The Law Society will also offer workshops and webinars, and provide guidance and regular updates to practitioners, to assist them in complying with FICA legislation.”