Today, 1 July 2010, the Exchange Control Department of the South African Reserve Bank published a draft Exchange Control Voluntary Disclosure Programme (“draft VDP”), as well as an amendment to the Exchange Control Regulations, 1961 (“the Regulations”), for public comment.

The VDP deals with the basis for, and the procedures and processes applicable to, the regularisation of contraventions of the Regulations. The proposed Regulation 24 constitutes administrative relief, and deals with the procedures, processes and requirements applicable to the authorisation of the regularisation, the subsequent application for relief and the regularisation of any contravention of the Regulations.

The draft VDP and Regulation 24 give effect to the announcement by the Minister of Finance in the Budget Speech of 17 February 2010 regarding certain measures relating to Exchange Controls. The draft VDP and Regulation 24 have been posted on the South African Reserve Bank’s website
(www.reservebank.co.za) for public comment prior to promulgation and adoption thereof. To access these documents please follow the links: Home>SARB activities>Exchange Controls>Exchange Control Voluntary Disclosure Programme.

Comments may be e-mailed to SARB-VDPEXCON@resbank.co.za or submitted via facsimile to +27 12 313-3133, by no later than 2 August 2010.

A detailed statement is attached.

Enquiries:
Mr Charles Nevhutanda
+27 12 313-3957


Mr Johan Joubert
+27 12 313-3951

See attachment / link box for more detail.