Posts

SA good on legal anti-money laundering framework, poor on implementation

In October the Financial Action Task Force (FATF) released its mutual evaluation report on South Africa, following an assessment of the country’s anti-money laundering, counter financing of terrorism and counter financing of proliferation of weapons of mass destruction (AML/CFT/CPF) systems.  The mutual evaluation was conducted by a team led by the International Monetary Fund and including officials from the Eastern and Southern Africa Anti-Money Laundering Group and FATF member countries. The team assessed compliance Read more >

Financial crime more difficult with true owner transparency

Our new mini-series shines the spotlight on the current Financial Action Task Force (FATF) beneficial ownership review process. Part 1 presented the particular issues the organisation has recently sought input on, part 2 examined the five recommendations submitted by Transparency International as a response to the FATF invitation, part 3 looked at the FATF draft amendments in response to the call for Read more >

Tighter beneficial ownership regulations in FATF proposal

Our new mini-series shines the spotlight on the current Financial Action Task Force (FATF) beneficial ownership review process. Part 1 presented the particular issues the organisation has recently sought input on, part 2 examined the five recommendations submitted by Transparency International as a response to the FATF invitation, this article – part 3 – looks at the FATF response to the submissions Read more >

Beneficial ownership register is imperative, says TI

Our new mini-series shines the spotlight on the current Financial Action Task Force (FATF) beneficial ownership review process. Part 1 presents the particular issues the organisation has recently sought input on, this article – part 2 – examines the five recommendations submitted by Transparency International as a response to the FATF invitation, part 3 looks at the FATF proposed amendments, and part Read more >

CW, Casac support parliamentary process in Mkhwebane removal matter

Image: Flickr/GovernmentZA Corruption Watch (CW) and the Council for the Advancement of the South African Constitution (Casac) have joined, as amici curiae, Public Protector Busisiwe Mkhwebane’s application to have Parliament’s rules for the removal of the head of a Chapter 9 institution, declared unconstitutional. The two organisations are supporting the inquiry into Mkhwebane’s fitness to Read more >

Hawks swoop on second Tshwane millions suspect

The Directorate for Priority Crime Investigation (DPCI), known more familiarly as the Hawks, said on Sunday, 03 May 2020 that its National Clean Audit Task Team has nabbed another suspect who was involved in the Tshwane metro multimillion corruption scandal. The 44-year-old man was arrested in Durban and charged with alleged fraud, money-laundering, and corruption, Read more >

Mkhwebane’s ‘confused’ CR17 findings set aside

By Thato Mahlangu The North Gauteng High Court’s judgment which was handed down on Tuesday, 10 March 2020, saw Public Protector Advocate Busisiwe Mkhwebane’s findings and remedial actions being dismissed. The findings and remedial actions, that were labeled as ‘confused’ by the court, had found President Cyril Ramaphosa to have had an improper relationship with Read more >

SA properties firm a possible money laundering conduit

By Ray Mahlaka First published by Daily Maverick The Estate Agency Affairs Board has always been considered a bit toothless. So the sanctions Pam Golding Properties could face if found guilty of aiding money-laundering transactions are probably lightweight. But the Financial Intelligence Centre (FIC) might also get involved, and the penalties may be more severe. Read more >