Alert – Transferring funds offshore: Increased disclosure requirements
With the State Capture Commission’s findings being trumped with varying shocking headlines every day, South African authorities are scrambling to curb money laundering, stop illegitimate capital being exported from SA, and ultimately get South Africa off the FATF’s grey list. Al Jazeera’s exposé, Gold Mafia, recently laid bare the financial sector’s shortcomings in their […]
Externalising funds offshore – individuals: Three guidelines to consider
With reference to the South African Reserve Bank’s website, exchange controls aim to, amongst others, prevent the loss of foreign currency resources through the transfer abroad of real or financial capital assets held in South Africa. Exchange control regulations are applied within the Common Monetary Area (“CMA”) consisting of South Africa, Namibia, Lesotho and eSwatini […]
2022 is coming to an end…
The year is rushing to an end. New Year’s resolutions are way back in the past – whether they were met or discarded along the way. But we all have a to-do-list to complete and tick off before we close our suitcase, lock our front door behind us, and leave on our well-deserved December […]
New exchange control circulars
Following the Budget Speech in February 2022, and the relaxation of loop structures in January 2021, a number of Exchange Control circulars were subsequently issued by the South African Reserve Bank (SARB). The circulars included the following relaxations: The transfer of dual‐listed domestic securities from the local exchange to a recognised offshore exchange in […]