President Cyril Ramaphosa has assented to the Pension Funds Amendment Bill which amends pension-related legislation to enable the implementation of the recently legislated two-pot retirement system, geared towards bolstering retirement savings, reports Wyndham Hartley for CompliNEWS.

The new Pension Funds Amendment Act amends a variety of existing laws. It provides for the ...

President Cyril Ramaphosa has signed into law three pieces of legislation with the most significant of them being the Public Procurement Bill which aims to create a single framework that regulates public procurement, including preferential procurement, by all organs of state, with the necessary efficiency, cost-effectiveness and integrity, reports Wyndham Hartley ...

President Cyril Ramaphosa's plan to transform South Africa into a construction site through increased infrastructure investment has been widely welcomed. However, with the government being debt-heavy and cash-strapped, the big question is how these ambitious projects will be funded. In his address at the opening of Parliament last week ...

The Health Funders Association (HFA) has stated that it requires 'tangible evidence' of the government's willingness to make meaningful policy changes to the National Health Insurance (NHI) scheme before proceeding with its pending litigation. According to a Netwerk24 report, HFA chairperson Craig Comrie welcomed President Cyril Ramaphosa's comments ...

The Gauteng High Court in Pretoria has ruled a key component of the proposed National Health Insurance (NHI) unconstitutional, according to Legalbrief. This decision concerns the legislation requiring doctors and health practitioners to obtain a ‘certificate of need’ before practising in a particular area. Solidarity’s Chief Executive, Dr Dirk Hermann ...

Financial Services Tribunal ('FST' or 'Tribunal')

Parties: Mahlubandile Makuzeni v Financial Sector Conduct Authority

Date of hearing: 27 May 2024

Date of decision: 18 July 2024

Summary
Application for Reconsideration of debarment on grounds of dishonesty by the Financial Sector Conduct Authority in terms of section 230 of the ...

Financial Services Tribunal ('FST' or 'Tribunal')

The following matter was handed down on 18 July 2024:

• The Hairdressing, Beauty and Skincare Industry Pension Fund v PFA & Others (case number: PFA80/2023)

Fast facts

Pension Fund Disability Benefit – Calculated on basis of employer contributions which were incorrect –­  Matter ...

The Reserve Bank has informed the Steinhoff group of companies that approximately R6 billion, plus interest, held in seven local accounts has been forfeited to the state. This marks a record forfeiture for the central bank. According to a report by the Daily Maverick, Reserve Bank Deputy Governor Fundi Tshazibana ...

The Financial Sector Conduct Authority (FSCA) has issued a warning to the public to exercise caution when engaging in financial services transactions with individuals or groups claiming to represent Bovest Wealth Management (Pty) Ltd (Bovest Wealth) (FSP 35064) and its consulting specialist, Mr Godfried Kotze (Mr Kotze).

The FSCA has ...

The Financial Sector Conduct Authority (FSCA) advises the public to act with caution if they intend to conduct financial services business with Durban Forex Group.

The FSCA has received information that may indicate that the Durban Forex Group is possibly providing financial services to members of the public without being ...

Climate-related risks, particularly transition risks, pose significant financial threats and could potentially trigger systemic risks in the financial system. Central banks and supervisors globally have recognised these risks and are actively addressing them. The report commissioned for the SARB confirms that research indicates that an orderly transition to a low-carbon ...

South Africa's persistent inequalities, even three decades into its democratic dispensation, remain a significant challenge, particularly in the labour market where race and gender-based contestation are prevalent. Inequality arises not only from unemployment but also from skewed income distribution and unequal access to workplace opportunities.

Legislative efforts have aimed ...

Compli-Serve

The Financial Sector Conduct Authority (FSCA) and the South African Reserve Bank (SARB) have introduced the Joint Standard on Cybersecurity and Cyber Resilience Requirements, requiring financial institutions to achieve compliance by 1 June 2025. This new standard is crucial for ensuring that financial institutions adopt robust cybersecurity measures to ...

Certain designated non-financial businesses and professions (DNFBPs) are blatantly ignoring Financial Intelligence Centre (FIC) directives crucial for South Africa's removal from the grey list of the Financial Action Task Force (FATF).

At the FATF plenary in June, South Africa reported its progress in addressing deficiencies in its measures to ...

The United States has sanctioned two individuals in South Africa, accusing them of financing the Islamic State (Isis) through criminal activities such as robberies and kidnappings for ransom. According to a Fin24 report, Abubakar Swalleh is identified as an active Isis operative based in South Africa and Zambia, while Zayd ...

Jersey has been acknowledged as a responsible finance centre upholding international standards for combatting money laundering and financing terrorism, as highlighted in a report published on Wednesday, 24 July 2024.

The independent report by MONEYVAL, the Council of Europe’s monitoring body, concludes that Jersey’s effectiveness in preventing financial crime ranks ...

Mesh.trade

Mesh’s mission is to help shape a new world of open capital markets, transforming the complexity of traditional finance into the seamless and secure world of Finance 3.0. That mission took a huge step forward on 10 July 2024 when South Africa’s Financial Sector Conduct Authority (FSCA ...

Cryptocurrency has emerged as a significant tool in the dissemination of disinformation, with both foreign state and non-state actors leveraging it to undermine democratic processes, particularly during elections. This trend became evident in 2016 when malign influence actors used Bitcoin to finance disinformation activities. Unfortunately, this practice has persisted in ...

Vanessa Roberts Avery, United States Attorney for the District of Connecticut, and Robert Fuller, Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation, have announced that Dylan Meissner, 31, of Westport, pleaded guilty last week in Hartford federal court to wire fraud related to ...

On 25 and 26 July 2024, the Information Regulator (IR) will partner with the Free State Provincial Government, Mangaung Metropolitan Municipality, Government Communication Information System (GCIS), and the Barolong Boo Seleka Traditional Council to host a series of events promoting the Protection of Personal Information Act (POPIA) and the Promotion ...

In today's technology-driven world, cybercrimes are increasingly affecting individuals, businesses and governments. Although cybercrime lacks a settled definition, it broadly encompasses any criminal activity involving a computer. This includes traditional crimes like fraud, theft, extortion and child pornography, now perpetrated in a cyber environment. Additionally, new crimes made possible ...

Since the dawn of the new millennium, technological development has progressed at an unprecedented rate, fundamentally changing the way we live and think. Innovations like the internet, cloud computing, and smartphones have rapidly rendered once widely-used concepts obsolete. CMS reports that this constant evolution has profoundly affected business operations, enabling ...

Legalbrief Environmental

SA has told the UK that its plans to impose a carbon tax on imported goods will deepen global inequality and hamper Africa’s ability to adapt to climate change. An Engineering News report notes that the criticism of the measure, which the UK plans to introduce by 2027 ...

President Cyril Ramaphosa has signed the Climate Change Bill into law, says a BusinessLIVE report. This is the first piece of legislation in SA that is specifically aimed at addressing the effects of climate change by setting out a national climate change response, including mitigation and adaptation actions. ‘The Climate ...

Taxpayers must submit their documents to SARS regardless of how old they are, to ensure they can get any potential returns, according to Commissioner Edward Kieswetter. Fin24 reports that he addressed criticism from social media users that they have been forced to find and submit documents dating back as far ...

Justice and Constitutional Development Minister Thembi Simelane has announced the establishment of an anti-corruption academy designed to equip law enforcement officers with the skills needed to combat corruption. According to a report by The Mercury, while presenting the department’s R25.1 billion budget for 2024/25, Simelane also revealed the ...

Legalbrief Today

The liquidation team of the defunct VBS Mutual Bank has recovered R159m to date, way off the R2bn siphoned from the bank. With continued efforts to trace and reclaim the bank’s assets, the team said it was determined to make additional dividend payments to creditors, offering a glimmer ...

More than a third (36 per cent) of financial services businesses in the UK have faced regulatory compliance penalties over the past 12 months, according to research from Davies. The specialist consultancy division of Davies, Consulting at Davies, commissioned an independent survey of 501 senior decision-makers within UK-based financial services ...

Pedro Eduardo Sasso, the director of Maxi EFX Global AU Pty Ltd (EuropeFX), has been banned by the Australian Securities and Investments Commission (ASIC) from being a director of or controlling any entity that carries on a financial services business.

EuropeFX, a corporate authorised representative (CAR) of the former Australian ...

By Lee Rossini

Using data to make decisions is becoming commonplace in many businesses. By leveraging data to guide choices, businesses can enhance efficiency, foster innovation, and gain a competitive edge. This approach transforms raw data into actionable insights, thereby empowering businesses to make informed decisions rather than relying on ...

The South African Reserve Bank (SARB) has intensified its crackdown on exchange control violations, seizing over R6 billion from Ibex Investments, formerly Steinhoff, as part of efforts to address greylisting concerns.

Published in a Government Gazette on 19 July 2024, the SARB announced the confiscation of funds, which will be ...

 A–Z OF GRC, GOVERNANCE, RISK & COMPLIANCE SIMPLIFIED (2nd edition)

By Gail Gibson | Juta
PRINT ISBN: 978-1-48515-096-1

The new edition of A–Z of GRC: Governance, Risk & Compliance Simplified makes learning about GRC simple, practical and entertaining. Ideal for both seasoned professionals and newcomers, this book teaches you ...