JOHANNESBURG – The Financial Intelligence Centre (FIC) said on Monday that a panel of experts is set to test the effectiveness of South Africa's legislative and institutional capability to detect and combat money laundering and terrorist financing.
The experts are from the International Monetary Fund (IMF), the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and the Financial Action Task Force (FATF).
The ESAAMLG and the FATF, an inter-governmental body, undertake regular peer reviews of their member jurisdictions to evaluate the extent to which they meet international standards for anti-money laundering, combating of terrorist financing and proliferation of weapons of mass destruction.
South Africa is one of a number of countries including Benin, Cyprus, Gabon, Madagascar, Mauritius, Mozambique, Tanzania, the Russian Federation, Turkey and others, that will undergo this type of assessment this year.
The National Treasury and the FIC are co-ordinating South Africa's inputs for the assessment.