South Africa report on AML/CFT and financial inclusion in SADC

FinMark Trust conducted a study to consider the extent to which the AML/CFT regulations of the SADC countries could be harmonised and calibrated in order to increase financial integration and access to financial services within the region. The study considered the FATF Standards, the ESAAMLG evaluation reports and research, the FATF Guidance note on Financial Inclusion as well as the FATF recommendations regarding risk-based regulation. The study made comment on the extent to which the AML/CFT regulation in various SADC countries could be harmonised and calibrated. The study also included a review of findings and recommendations by a panel of external technical experts. Individual country reports were compiled during the course of this study which include Angola, Botswana, DRC, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Zambia and Zimbabwe.

The underlying focus of this South Africa report is on the harmonisation and calibration of provisions found in Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) laws and regulations in the Southern African Development Community (SADC). It is hoped that the country reports will become ?living documents? that will be used as a resource for SADC Member States to make appropriate amendments to their domestic laws and regulations, define the strategic direction to achieve the objectives of Annex 12 of the FIP and prompt further research and other initiatives that will support State Parties in fulfilling their harmonisation objectives.