Managers of Wealth Africa

South Africa loses QROPS status

South Africa had been on the HMRC list since QROPS were first introduced in 2006.

Back to basics: navigating a SARS audit and dispute process

SARS has wide information gathering powers in terms of section 46 of the Tax Administration Act, 2011 and may require a taxpayer or another person to submit relevant material “for the purposes of the administration of a tax Act&r

Depositors To Earn Less Interest From Banks After Deposit Floor Scrap

The Kenya Commercial Bank has issued a notice that as from November 16, depositors will earn an interest of seven percent per annum on KCB goal savings account, down from 8.5 percent that it has been offering since launching the account in June last

Small traders in tight spot as KRA seeks to auction goods

The goods, estimated to be worth Sh12 billion, were seized in July and have been lying at various ports of entry despite President Uhuru Kenyatta’s promise to waive storage costs and pave the way for their immediate release.

New rules place banks’ fiduciary duty in dilemma

The question that was uppermost in the mind of the superior court was “Would a bank in the face of what everyone agrees is an unusual and suspicious transaction, be entitled to make inquiries about that transaction?”

South Africa president denies ignoring fraud at failed bank

The bank collapsed in March, a month after Ramaphosa took over from Jacob Zuma, who was forced to resign in February.

Rwanda’s new policy on bank capitalisation causes unease

The policy passed by BNR will witness will witness the sharpest increase in banks’ core capital in the region.

Stable exchange rate best choice for Nigeria – Emefiele

He said that all frontiers and developing markets have suffered not just depreciation, but had also lost reserves.

VBS Bank to be stripped of its assets

There is also growing speculation that VBS bank is being deemed as not fit for resuscitation to sell off its assets at cheap rates to well-connected business individuals.

Pension industry under threat from financial bill

The current legislative instruments are old and ineffective to support the efficient, fairness and orderly operation of the financial system.

African Development Bank showcases investment opportunities in Africa to Nordic investors

The aim of the event was to bring the Bank closer to customers in order to increase awareness of key private sector stakeholders to understand the Bank’s financial and risk mitigation products for investment projects.

IMF and World Bank unveil Fintech Agenda

Fintech could transform the financial markets through which monetary policy actions are transmitted

Basel AML Index reveals slow progress in combating money laundering

The findings tie into recent high-profile probes involving countries generally considered low-risk.

Central bank cautions short-term debt risky

This means that CBK sees increased possibility of government having to mitigate the impact of debt repayments by negotiating for a series of refinancing given that the current profile is below its own targets.

Apex Bank wants Corporate Tax for rural banks reduced

The ARB Apex Bank Managing Director also waded into the recent fallout of the collapse of some ingenuous banks calling on customers to exercise restraints instead of resorting to panic withdrawals.

Bankers fault CBK for ‘dodging’ its responsibility on money laundering

The law requires all financial institutions including banks, insurance companies and Saccos to file with the Financial Reporting Centre (FRC) daily reports on transactions above Sh1 million and those deemed suspect.

Global Financial Institutions Fined $26 Billion for AML, Sanctions & KYC Non-Compliance Since 2008 Financial Crisis

Over the past ten years, regulators across the US, Europe, APAC and the Middle East have levied nearly $26 billion dollars in financial penalties against financial institutions for AML/KYC and sanctions-related violations.

Andersen Global Announces Added Presence in Africa

This collaboration with Tadesse Kiros further increases Andersen Global’s footprint in Africa, making this the eighth country in the continent in which the international association has a presence.

Punitive proposed amendment to South Africa’s transfer pricing provisions

Ideally, where a taxpayer has been a participant to a potentially affected transaction, the taxpayer would ensure upfront that the potentially affected transaction has actually been concluded and implemented on an arm’s length basis.

SARS 'rogue unit': Move to remove advocate from tax board list

The report KPMG produced suggested that the unit was breaking the law by using illegal methods, and was therefore "rogue in nature".

Regulation,Tax & Compliance