New Financial Developments in the Pipeline after the Budget Speech

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1. Outward Remittances

The Government is well aware of how expensive it is to remit funds abroad from South Africa. In response, Treasury will conduct some reforms, to apply, which, together with more competition and exemptions in the Financial Intelligence Centre Act (2001), should hopefully reduce the compliance burden for low-risk remittances and bring lower charges.

2. Financial Surveillance Manual

The current Reserve Bank will publish a simplified financial surveillance manual on its website in July 2016. Banks and other authorised forex dealers are also encouraged to digitise and modernise the current foreign exchange market system.

3. The Ombuds

South Africa has an array of different statutory and non-statutory ombuds, all with different approaches, mandates and processes, across different industries. Government now proposes to merge various the ombuds into a single system. It will be interesting to see how Government homogenises and standardizes their work.


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