anti-money laundering Archives - Page 2 of 3

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Urgent need for bill to clarify laws around fake company fronting

07 Nov 2022, 9:16

By Sanan MirzoyevFirst published on Business Day In February 2023, South Africa will almost certainly be making an unwelcome appearance on the Financial Action Task Force’s (FATF) roster of greylisted countries — unless “we perform a few miracles”. These were the words of National Treasury’s Ismail Momoniat when he presented a grim account before Parliament Read more >

CORRUPTION NEWS

FIC helps with recovery of over R5-billion in criminal proceeds

21 Oct 2022, 12:25

In its 2021/2022 annual report, released at the end of September 2022, the Financial Intelligence Centre (FIC) noted that it achieved 17 of its 19 performance goals – and exceeded 10 of the 17. One of these was to contribute to the recovery of stolen money in a way that exceeded its previous achievement. This Read more >

CORRUPTION NEWS

South Africa must prepare for FATF greylisting, says BLSA report

19 Oct 2022, 17:06

By David ThomasFirst published on African Business The probability of South Africa being greylisted by the Financial Action Task Force (FATF) is as high as 85%, according to a report commissioned by Business Leadership South Africa (BLSA) and compiled by analysts Intellidex. The FATF, an intergovernmental organisation founded to develop policies to combat money laundering Read more >

LEGISLATION AND SUBMISSIONS

CW and AmaB submit on anti-money laundering bill, express concerns

11 Oct 2022, 11:50

In a comprehensive joint submission to Parliament’s Standing Committee on Finance today, non-profit organisations Corruption Watch and AmaBhungane expressed concern that the haste with which the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill was developed may have compromised its effectiveness. The bill was prepared in a matter of months after the Financial Read more >

CORRUPTION NEWS

Cabinet approves bill to boost fight against money laundering

31 Aug 2022, 11:01

Source: National Treasury Finance minister Enoch Godongwana has tabled the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill [B18-2022] in Parliament, in terms of Joint Rule 159. The Announcements, Tablings and Committee report no 125-2022, issued by Parliament on 25 August 2022, has confirmed that the Bill has been submitted to the Standing Committee on Finance and Read more >

CORRUPTION NEWS

Organised retail crime: complex criminal structures, int’l links

28 Jun 2022, 13:47

Image: Zellman blog As money laundering becomes more talked about and better known, various related aspects are also moving into the spotlight. One of these is organised retail crime (ORC), possibly better known by the illegal action it defines, rather than by the term itself. The Washington Organized Retail Crime Association (WAORCA) defines it as Read more >

CORRUPTION NEWS

Algorithms and artificial intelligence as an anti-corruption tool

23 Mar 2021, 15:10

By Janine Erasmus Fifty years ago the concept might have been taken from a science fiction plot. Now it’s one of the new technologies that become more sophisticated as time passes. Using artificial intelligence (AI) and algorithms to track down suspicious activity is a reality – but can we trust them to reveal illicit financial Read more >

CORRUPTION NEWS

Global private sector concerned about bribery, corruption and tax evasion

12 Nov 2020, 16:00

A survey of the private sector conducted by the UN’s high-level panel on financial accountability, transparency and integrity (FACTI), reveals that more than 90% of respondents would welcome stronger financial accountability, transparency and integrity regulattions when all businesses are held to the same standards. The survey was conducted anonymously online from 12 to 31 August, Read more >

CORRUPTION NEWS

Mauritius and others under scrutiny for money-laundering

20 Aug 2020, 17:05

Mauritius, that lazy, friendly little island in the Indian Ocean, beloved of holidaymakers and honeymooners, has a dark side. It is also a favourite haunt of money launderers and tax evaders and in fact, is known as one of the world’s top corporate tax havens. In July 2019, the International Consortium of Investigative Journalists’ (ICIJ) Read more >