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SOUTH AFRICA: Certain Payments Barred in Further Effort to Lose Greylisting

SOUTH AFRICA
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  • In an effort to help shift the country off the FATF greylist, electronic bank payments to Common Monetary Area countries (i.e. Lesotho, Eswatini and Namibia) are being discontinued on the instruction of the CMA regulator. The steps make the South African payments system more compliant with anti-money laundering standards.
  • Petrol and fuel prices are set to decline further, according to Business Tech, with consumers set to enjoy a fourth consecutive decline in pump prices. Petrol price will drop by 92 cents per litre, while diesel prices will fall by between 79-105 cents per litre.
  • Following last week’s formal shift to a two-pot pensions system, Sanlam has received over 20,000 savings pots claims in the first two working days of the system – equating to ZAR 400mln in tax revenues. Before the two-pot system, 7-8,000 claims were being made per month, and Sanlam data shows 54% of claims are being used for living expenses and reducing/settling debt.
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  • In an effort to help shift the country off the FATF greylist, electronic bank payments to Common Monetary Area countries (i.e. Lesotho, Eswatini and Namibia) are being discontinued on the instruction of the CMA regulator. The steps make the South African payments system more compliant with anti-money laundering standards.
  • Petrol and fuel prices are set to decline further, according to Business Tech, with consumers set to enjoy a fourth consecutive decline in pump prices. Petrol price will drop by 92 cents per litre, while diesel prices will fall by between 79-105 cents per litre.
  • Following last week’s formal shift to a two-pot pensions system, Sanlam has received over 20,000 savings pots claims in the first two working days of the system – equating to ZAR 400mln in tax revenues. Before the two-pot system, 7-8,000 claims were being made per month, and Sanlam data shows 54% of claims are being used for living expenses and reducing/settling debt.