Full Breakdown
COSATU Pushes Parliament to Fast-Track Anti-Money Laundering Bill
8/13/2026, 9:45:36 PM
The Bill and COSATU’s Call to Action
The Congress of South African Trade Unions (COSATU) has submitted a formal request to Parliament’s Standing Committee on Finance urging the rapid passage of the General Laws (Anti-Money Laundering and Combatting Terrorism Financing) Amendment Bill. The federation argues that the legislation is essential for strengthening South Africa’s defenses against money laundering, state capture, corruption and organised crime.
Legislative Background and FATF Context
South Africa was placed on the Financial Action Task Force (FATF) grey list in early 2023 after the FATF identified significant deficiencies in the country’s anti-money-laundering and terrorism-financing framework. Following a series of reforms, the nation was removed from the grey list in late 2025. The FATF’s next review is scheduled for October 2027, creating a deadline for further legislative tightening.
COSATU’s Position and Parliamentary Submission
COSATU’s parliamentary coordinator, Matthew Parks, emphasized that the Bill would tighten requirements for financial institutions to monitor and report suspicious transactions, empower the Financial Intelligence Centre (FIC) to conduct lifestyle audits of persons of interest, and facilitate information sharing with law-enforcement agencies. He called for the Medium-Term Budget Policy Statement to allocate sufficient resources to the FIC, the South African Police Service and the National Prosecuting Authority to ensure the Bill’s objectives can be met.
Anticipated Impact on South Africa’s Anti-Money Laundering Regime
If enacted, the Bill is expected to enhance compliance with United Nations-mandated FATF standards, reduce the capacity of sophisticated criminal syndicates to exploit the financial system, and improve investor confidence. COSATU warns that failure to act could undermine public services, deter domestic and foreign investment, and jeopardise jobs for millions of working-class South Africans.
Verbatim Quotes
- “We cannot afford to be complacent when dealing with often highly sophisticated international and domestic criminal syndicates. For this to be achieved, government needs to ensure the FIC and the NPA have the necessary resources to win this war,” — Matthew Parks
