South Africa: Finance and Banking

South Africa's National Treasury and SARB have released draft Capital Flow Management Regulations that would fundamentally reshape how cross-border capital flows are regulated, with particular focus on crypto assets. The proposed framework raises critical questions about implementation detail, proportionality, and whether the broad provisions align with the stated policy objective of moving toward a more positive-bias system with fewer pre-approvals and greater reliance on reporting.

A South African court examines whether an acknowledgement of debt containing specific payment terms qualifies as a promissory note under the Bills of Exchange Act, determining the applicable prescription period for debt recovery. The case turns on statutory interpretation of negotiable instruments and the distinction between mere acknowledgements and unconditional promises to pay.

South Africa's Financial Intelligence Centre has released draft Guidance Note 7B for public consultation, introducing significant refinements to the country's anti-money laundering framework.