SARS takes aim at non-profits in effort to exit greylist

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Recorded04 Dec 2024

Publisherrss.iono.fm ↗

Handlerec:3305030

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South Africa was added to the dreaded "grey list" in February 2023 for weaknesses in its anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. While some notable progress has been made, especially in getting the private sector to update its reporting processes and being penalized if they do not, terrorist financing and money laundering remain lingering worries. One area under the microscope is nonprofit organisations, which are seen as vulnerable to terrorist financing abuse and money laundering. SARS has, therefore, undertaken to carefully oversee tax-exempt institutions to prevent their use for illegal activities.

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