South Africa proposed changes to laws that would give the government stronger tools to monitor money flows and impose tougher penalties on those engaging in financial crimes.

The National Treasury on Wednesday issued a call for public comment on a bill that aims to combat money laundering and terrorism financing by amending some legislation governing non-profit entities and companies. It also proposes giving South Africa’s Financial Intelligence Centre (FIC) — a unit mandated to assist in identifying the proceeds of crime — broader powers.

If passed, the bill would allow the FIC to conduct lifestyle audits and expand the tools it has to track cash moving into and out of the country. It would also compel banks to more closely scrutinise new technologies and digital platforms for money-laundering and the financing of terrorist activities, and expand protection for whistleblowers who report suspicious activities.

The Paris-based Financial Action Task Force, a global watchdog, removed South Africa from its dirty-money list in October, boosting its prospects of attracting more foreign investment. The continent’s largest economy was included on the so-called grey list in February 2023.