The annual 2023 AML/CFT update

THE 2023 ANNUAL AML & CFT UPDATE   This three-module short course investigates the topic of anti-money laundering (AML) and the combating of the financing of terrorism (CFT).   In October 2021, the global financial watchdog Financial Action Task Force (FATF) concluded and released their Mutual Evaluation (Peer) Report on the South African AML and CFT systems and environment, creating a dim picture thereof. The FATF formally grey-listed South Africa on 24 February 2023.   The subsequent release, by the South African government, of two amendment acts, i.e., the POCDATARA and General Laws (AML & CFT) Amendment Acts, attempts to address the deficiencies identified in the Mutual Evaluation Report by the FATF. These two amendment acts became effective during the 2023 calendar year.   This short course overviews the POCDATARA Amendment Act (No. 23 of 2022) and the General Laws Amendment Act (No. 22 of 2022) and considers its importance to the registered auditor.   The intention of the short course is to also assist registered auditors with their mandatory annual reflection on developments in AML and CFT.