Managers of Wealth Africa

What proposed pension changes will actually mean for South Africa

According to the Green Paper itself, ‘about 1 million older persons are excluded in the existing state benefits’.

Strengthen anti-money laundering regimes — Ken Ofori-Atta

Following strict adherence to an action plan the FATF drew for the country, with timelines from 2019 to 2021 to address those deficiencies, the country was eventually taken off the list.

The Statement of Practice issued on 25 August 2021 clarifies the tax treatment of trusts and foundations established in Mauritius

Any trust or foundation may claim partial exemption on such categories of income specified in the ITA subject to satisfying the conditions prescribed relating to substance of their activities.

African lawmakers must create pathways for innovative climate action financing – forum

Among the key speakers at the forum was Dr. Olufunso Somorin, the Principal Climate Change and Green Growth Officer at the African Development Bank, East Africa region.

Ramaphosa Announces Vaccine Passports for SA + All The Details

“This will also go a long way towards getting a number of international travel restrictions both from and into our country,”

Highlights on the Mauritius Financial Services (Crowdfunding) Rules 2021

In this highlight, we provide a brief summary of the crowdfunding rules, emphasizing the key points set out therein.

Nigeria to become first country in Africa to launch CBDC

Some praise eNaira’s benefits for financial inclusion, while others are concerned it would give central banks more control over citizens’ financial rights through the removal of intermediaries.

Zimbabwe central bank to freeze bank accounts over illegal forex deals

Governor John Mangudya published a list of names he said were using social media platforms and mobile telecoms services to facilitate illegal forex trade and money laundering.

South Africa can’t afford universal grant says business body

Finance Minister Enoch Godongwana has said he doesn’t favor the idea.

UBA Publishes Names Of Forex Policy Defaulters

The bank in a publication on its official website titled, ‘CBN FX defaulters’, noted that the customers had been contacted severally through emails, phone calls and messages but they still failed to return the funds.

The Financial Services Commission of Mauritius issues the Financial Services (Crowdfunding) Rules 2021

In effect, the Crowdfunding Rules legitimate the operation of a crowdfunding platform in Mauritius and provide for its modus operandi.

BCP Bank (Mauritius) obtains a € 25 million line of credit from ‘Agence Française de Développement’ and DEG

This financing shows the confidence that financial institutions have in us and I would like to thank Proparco and DEG, who are long-standing partners.

Key proposals affecting international tax and financial institutions in draft bills

The insurance industry previously has requested confirmation of this point and the proposed clarification is welcome.

Will Sars high net worth unit close South Africa’s tax gap?

‘There is a particularly vexed situation’ in the country

Standard Bank’s Shari’ah Personal Call Account makes personal saving easy and compliant

The Shari’ah Personal Call Account is ideal for casual saving and cash flow management.

Uganda inches closer to enforceable netting

The draft regulations were developed following a technical assistance memorandum of understanding signed between BOU and Frontclear.

The regulation of open banking in South Africa

South Africa currently does not have an equivalent to PSD2.

Keeping the recovery on track

The recovery remains uneven with countries emerging from the crisis facing different challenges.

Sanlam Life and Fedgroup Life fined for weaknesses in money laundering prevention measures

Fedgroup Life appealed the amount of the initial fine, which was R750 000, and it was subsequently reduced. It did not dispute its non-compliance.

‘Beneficial ownership register vital in anti-corruption campaign’

“Since January 3, the CAC has deployed an electronic register that covers all aspects of our registration services, and this includes the disclosure of beneficial owners.”

Regulation,Tax & Compliance