Submissions Sought on Anti-Money Laundering Amendment Bill

Posted 10 July 2026 Written by Acts Online
Category Parliament

Brought to you by SA Legal Academy: The National Assembly’s Standing Committee on Finance has issued a public notice calling for written submissions on the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Bill, which was tabled in Parliament in May 2026.

The overarching objective of the Bill is to address outstanding regulatory deficiencies identified during South Africa’s 2023 Financial Action Task Force (FATF) grey listing and subsequent follow-up review processes. The proposed amendments seek to align domestic anti-money laundering and combating the financing of terrorism (AML/CFT) frameworks with international standards.

Stakeholders and interested parties are requested to note the critical legislative deadlines and scheduled proceedings:

  • 10 August 2026: Deadline for submitting written comments and representations to the Standing Committee on Finance.
  • 11 August 2026: Commencement of parliamentary public hearings on the draft Bill.

What this means for you, your business, or your clients

  • For yourself: No direct individual obligations; professional impact is channelled through advising clients on updated statutory compliance frameworks.
  • For your business: Compliance officers, risk managers, and legal practitioners must review the tabled Bill to identify necessary updates to internal Risk Management and Compliance Programmes (RMCPs) and reporting procedures.
  • For your clients: Accountable institutions, trusts, and non-profit organisations must prepare for potentially stricter beneficial ownership disclosure requirements and enhanced customer due diligence protocols.

Originally published at https://legalacademy.co.za/news/read/money-laundering-terrorism-financing-submissions-sought-on-latest-amendment-bill

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