SOUTH AFRICA IMPLEMENTS TARGETED FINANCIAL SANCTIONS

South Africa’s measures for combating the financing of the proliferation of weapons of mass destruction and related acts have been enhanced with the launch of the list containing particulars of persons and entities identified for targeted financial sanctions (TFS).

From today, the searchable TFS list is available on the Financial Intelligence Centre (FIC) website (www.fic.gov.za). The FIC is responsible administering TFS measures as adopted by the United Nations Security Council in its Resolutions.

The TFS measures contained in the FIC Act relate to combating the financing of the proliferation of weapons of mass destruction as well as other instances of TFS-related to threats to the peace, breaches of the peace and acts of aggression.

It is prohibited to acquire, collect or use of property of persons or an entity whose names appear in the TFS list. This includes providing financial services and/or products to those persons or entities. No person may transact with a sanctioned person or entity, or process transactions for such a person or entity.

Accountable institutions, listed under Schedule 1 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001), are encouraged to use the searchable TFS list to determine whether they have a sanctioned person or entity as an existing or prospective client. The TFS list is available to all FIC website visitors. Subscriptions are open to receive alerts each time there are changes to the list (e.g. names added or amendments made to the listing information).

The FIC Director, Advocate Xolisile Khanyile, welcomed the TFS listing as a major milestone for improving South Africa’s anti-money laundering and combating of terror financing framework.

“The publication of this list is a significant mechanism and tool for financial institutions to use against possible rogue elements in our financial system. Publishing this list enhances South Africa’s alignment with global measures on anti-money laundering and combating of terror financing to protect the financial system,” said Advocate Khanyile.