The National Treasury has published the draft General Laws Amendment Bill, in terms of the Anti-Money Laundering and Combating Terrorism Financing framework, for public comment in the Government Gazette.
“The draft Bill seeks to strengthen the country’s Anti-Money Laundering and Combating Terrorism Financing (AML/CFT) system by addressing the remaining deficiencies identified in the 2021 Financial Action Task Force (FATF) Mutual Evaluation Report for South Africa, and also during the remedial process that culminated in South Africa exiting the FATF greylist in October 2025,” National Treasury said.
South Africa was placed on the greylist in February 2023 and has been subsequently delisted after successfully implementing key reforms to combat money laundering and the financing of terrorism.
The draft Bill is an updated version of the draft General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2024, that was published for public comment on 13 December 2024, as conveyed in Government Notice No. 5683 in Government Gazette No. 51772.
National Treasury subsequently expanded on the draft Bill to incorporate amendments related to non-governmental organisations (NGOs) and the conducting of lifestyle audits to continue strengthening the country’s AML/CFT system.
“These additions will better prepare the country for the next FATF Mutual Evaluation for South Africa that will commence in mid-2026 and conclude in October 2027,” National Treasury said.
The draft Amendment Bill was developed together with the Department of Trade, Industry and Competition, the Department of Social Development, the Financial Intelligence Centre, and financial sector regulators (Prudential Authority and Financial Sector Conduct Authority).
It proposes amendments to four pieces of legislation that fall under the administrative responsibilities of different Ministers, namely:
- the Financial Intelligence Centre Act, 2001: Minister of Finance;
- the Financial Sector Regulation Act, 2017: Minister of Finance;
- the Companies Act, 2008: Minister of Trade, Industry and Competition; and
- the Nonprofit Organisations Act, 1997: Minister of Social Development.
The sections of the above laws that would be amended in the draft Amendment Bill, if enacted, are the following:
- Financial Intelligence Centre (FIC) Act to deal with minor deficiencies relating to targeted financial sanctions in sections 26A, 26B, 28A and 51A;
- Section 40 of the FIC Act to allow the FIC to share information with the Public Procurement Office and the Border Management Authority;
- Section 40 of the FIC Act to authorise the FIC to share information it obtains through conducting lifestyle audits;
- Section 41A of the FIC Act to expand the sections of the Act that the protection of personal information apply with regard to the Protection of Personal Information Act, 2013;
- Section 42 of the FIC Act to address minor deficiencies identified with respect to new technologies;
- Section 46 of the FIC Act to address a deficiency relating to customer due diligence measures for anonymous clients;
- Section 30 of the Nonprofit Organisations Act to specify the maximum amount of the fine and years of imprisonment in respect of an offence in terms of the Act;
- Sections 82 and 175 of the Companies Act, 2008 to address deficiencies related to the application of remedial actions and/or dissuasive and proportionate sanctions for non-compliance with beneficial ownership obligations;
- Sections 2, 3, 58, 106, 108, 111, 131 and 135 of the Financial Sector Regulation Act to close gaps in the protection of financial sector customers, and licensing and regulations for market conduct and anti-money laundering, and to strengthen licensing and enforcement powers; and
- Other technical amendments related to strengthening the country's anti-money laundering and anti-corruption laws.
The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2025 can be accessed on the National Treasury website at www.treasury.gov.za.
It was published as Government Notice No. 6997 in Government Gazette No. 53955 that was published on 14 January 2026.
The due date for submitting public comments is 13 February 2026. -SAnews.gov.za
