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NPO Counter-Money Laundering Regulations in force
- 10 May 2023
- Accounting
- South African Accounting Academy
These regulations are in keeping with requirements set out in the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022.
Among other things, they require the department’s directorate to establish and maintain a register of ‘persons disqualified from serving as office-bearers in terms of an order of a court pursuant to the Act or any other law’.
They also have implications for fiscal sponsorship. This is noting that the term refers to an arrangement between a registered and unregistered NPO to ‘facilitate fundraising and maintain controls over … expenditure’.
Administrative sanctions for non-compliance may be applied under certain circumstances.
Access the General Laws (Anti Money Laundering & Combating Terrorism Financing) Amendment Act at https://www.gov.za/sites/default/files/gcis_document/202212/47815anti-moneylaunderingact22of2022.pdf
Click here to download the NPO Regulations:
https://www.gov.za/sites/default/files/gcis_document/202305/48542gon3391.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- The Non-Profit Organisation Act (NPO) and General Laws Amendment Act (GLAA) are both pieces of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor and independent reviewer, you need to consider amendments and regulations that are gazetted relating to NPOs – specifically Money Laundering and Terrorism Financing Control Regulations.
Relevance to Your clients:
- Relevant entities (NPOs) have a duty to comply with the Non-Profit Organisation Act (NPO) and General Laws Amendment Act (GLAA) Act, otherwise they could be held liable.
- Relevant entities should be aware of amendments and regulations that are gazetted relating to NPOs – specifically Money Laundering and Terrorism Financing Control Regulations.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more:
https://cpd.accountingacademy.co.za.