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Money laundering trends in South Africa

Louis de Koker (Director, Centre for the Study of Ecomomic Crime, Faculty of Law, Rand Afrikaana University)

Journal of Money Laundering Control

ISSN: 1368-5201

Article publication date: 31 December 2002

1075

Abstract

Reports a study by the Centre for the Study of Economic Crime at Rand Afrikaans University into the characteristics of money laundering schemes in South Africa; these were discussed at a workshop on December 5 2001. Outlines the 1998 Proceeds of Crime Act (POCA), the 1992 Drugs and Drug Trafficking Act and their general money laundering provisions, including negligence and intent, defence and penalties; also the racketeering provisions of POCA. Moves on to the reporting of suspicious transactions, where the POCA provisions will be repealed by the new Financial Intelligence Centre Act (FICA); this covers general obligations, secrecy and confidentiality, penalties, preventing tipping‐off, and reporting statistics. Gives examples of the schemes themselves, which fall into broad themes: purchase of goods and properties, abuse of businesses and financial institutions, cash and currency, and the informal sector; case studies include S v Dustigar, Motsepe v Commissioner of Inland Revenue, S v Van Zyl, S v Caswell, and Director of Public Prosecutions: Cape of Good Hope v Bathgate.

Keywords

Citation

de Koker, L. (2002), "Money laundering trends in South Africa", Journal of Money Laundering Control, Vol. 6 No. 1, pp. 27-41. https://doi.org/10.1108/13685200310809383

Publisher

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MCB UP Ltd

Copyright © 2002, MCB UP Limited

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