The Ministry of Finance, Planning and Economic Development (MoFPED) to strengthen the AML/CFT framework in line with the international standard, and to liaise with Parliament to ensure the following: (i) amending the AML Act to give the FIA the sole authority to appoint its own staff, and enable the FIA and supervisory bodies to provide international cooperation to their foreign counterparts; (ii) amending the Capital Markets Authority Act and Insurance Regulatory Act to give regulators adequate supervisory powers to monitor compliance with AML/CFT obligations; and (iii) providing the legal basis and procedural mechanisms for the freezing of terrorist assets under UNSCR 1267 and 1373.
At R7, new test date. At R8, Not met. Implemented with delay in March 2017. Amended Anti-Money Laundering Law approved in March, 2017. Amended Insurance Regulatory Act approved in March, 2017.