16 OCTOBER 2024

URGENT!!!: ANTI-MONEY LAUNDERING BILL AND COMPANIES BILL

Members, you are urgently invited to share any comments or concerns you may have on the below Bills.

The Anti-Money Laundering, Counter Financing of Terrorism, and Proliferation Financing Bill No. 09 of 2024.

The proposed Anti-Money Laundering, Counter Financing of Terrorism, and Proliferation Financing Bill No. 09 of 2024 and the following laws seeks to amend the below legislation:

•           Money Laundering and Financing of Terrorism (Prevention) Act No. 06 of 2011 (as amended)

•           The Financial Institutions Act, 2005

•           Criminal Matters (Mutual Assistance) Act, 2001

•           Financial Services Regulatory Act, 2010

•           Criminal Matters (Mutual Assistance) Act, 2001

•           Exchange Control Order, 1974

•           Prevention of Organised Crime Act, 2018

The amendments aim to strengthen Eswatini’s financial system in response to the Financial Action Task Force (FATF) Recommendations which provide a comprehensive framework of measures to help countries tackle illicit financial flows.

Click on this link to access the Bill: https://business-eswatini.co.sz/anti-money-laundering-counter-financing-of-terrorism-and-proliferation-financing-bill-2024/

The Companies Bill No. 05 of 2024

The objects of the Bill are to provide for:

•           The efficient registration and incorporation of companies on electronic and online platforms;

•           Economically efficient and economically enhancing flexible and adaptable company structures;

•           The application of modernized rules in the regulation of companies;

•           Procedures for the efficient and orderly closing of a company including liquidation, receivership and voluntary ceasing to do business;

•           Compulsory identification of beneficial owners, assessing liability against shadow directors, and prohibiting the issuance of bearer shares;

•           Repeal of the Companies Act 2009.

Click on this link to access the Bill: https://business-eswatini.co.sz/the-companies-bill-2024/

MEMBERS’ NOTICE: DRAFT WAGES REGULATIONS 2024

Please be informed that the Draft Wages Regulations for 2024 have been released. In accordance with Section 11 of the Wages Act, 1964, members are granted the opportunity to review and submit any objections or recommendations regarding the proposed Regulations before they can be gazetted by the Minister.

We urge all members to carefully scrutinize the Sector Regulations relevant to your business operations. Should you have any objections or submissions, kindly forward them to the Secretariat on or before the 22nd of October 2024.

Submissions or objections can be emailed to: info@business-eswatini.co.sz.

Please click the link below to find your sector Gazette: https://business-eswatini.co.sz/draft-legal-notices/

Your prompt attention and participation in this important process are highly appreciated.

THE CUSTOMS TO BUSINESS FORUM MEETING OF THE 2nd QUARTER OF 2024/25

We are pleased to share a summary of key discussions from the recent quarterly meeting of the Customs to Business Forum held on October 11, 2024. The forum serves as a vital platform for dialogue between customs authorities and businesses engaged in international trade, focusing on improving trade facilitation, enhancing customs clearance processes, and fostering compliance within the trading community.

During the meeting, the Eswatini Revenue Service (ERS) team provided updates on several important issues raised in the previous forum session, including:

• VAT Refund Scheme: The ERS provided an update on the status of pending VAT refunds.
• Time Release Study: Progress on the implementation of recommendations from the Time Release Study was discussed.
• ASYCUDA User Access Rights: Updates were given regarding user access rights within the ASYCUDA system.

The next meeting of the Customs to Business Forum is scheduled for early 2025. In the meantime, members are encouraged to forward any customs-related concerns or issues they would like to have addressed to Musa Maseko at musam@business-eswatini.co.sz  or (+268) 7613 3443.

ESG SURVEY PARTICIPATION

We would like to extend our sincere thanks to all members who have taken the time to complete the Environmental, Social, and Governance (ESG) survey. Your participation is invaluable in helping us gain a deeper understanding of the ESG landscape across key sectors of the economy. The insights gathered are giving us a clearer appreciation of the specific needs of our members in this area and highlighting potential intervention points where the Secretariat can offer support on this critical issue.

For those members who have not yet had the chance to complete the survey, we kindly urge you to do so before the end of the week. Your input is crucial to ensuring that we have a comprehensive and accurate picture of the ESG priorities and challenges faced by businesses in Eswatini. Every sector’s participation is important for us to develop effective strategies and initiatives that align with your needs. Click on this link to access the survey: https://qualtricsxmz9kh3jt38.qualtrics.com/jfe/form/SV_2ielEyWea2y1tLU

Should you require any assistance in completing the survey, please do not hesitate to reach out to us at info@business-eswatini.co.sz , and our team will be more than happy to support you. We also encourage that you reach out to our partners, ESEPARC, who are conducting the quantitative part of the survey and you may contact them at dlaminigcina@separc.co.sz or manqoban@separc.co.sz.

We greatly appreciate your continued collaboration and look forward to ensuring that the ESG framework becomes a strong pillar in fostering sustainable business practices in Eswatini.

Thank you once again for your commitment and contribution.

COLLECTIVE BARGAINING AND JOINT NEGOTIATION SKILLS WORKSHOP

We are thrilled to announce that our recent workshop on Collective Bargaining and Joint Negotiation Skills was a great success! A big thank you to the 25 members who participated, and congratulations on completing the training and receiving your certificates. If you missed this workshop, don’t worry—more opportunities are on the way! Keep an eye out for future workshops where you can gain valuable skills.