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Article

A. Itzikowitz

Money laundering in South Africa received legislative attention as recently as 1992. The advances in technology and particularly electronic funds transfers brought a

Abstract

Money laundering in South Africa received legislative attention as recently as 1992. The advances in technology and particularly electronic funds transfers brought a dramatic increase in organised crime. Furthermore, with its return to the international arena, South Africa was becoming increasingly attractive for drug traffickers, not only as a transit destination but also as an end destination. This paper gives a historical overview of the legislation dealing with money laundering, focusing particularly on the duty to report.

Details

Journal of Financial Crime, vol. 8 no. 2
Type: Research Article
ISSN: 1359-0790

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Article

Angela Itzikowitz

The subject of this article is the prevention and control of money laundering in South Africa. In particular, it focuses on the reporting obligations under existing…

Abstract

The subject of this article is the prevention and control of money laundering in South Africa. In particular, it focuses on the reporting obligations under existing legislation and the proposed Money Laundering Control Bill.

Details

Journal of Money Laundering Control, vol. 2 no. 1
Type: Research Article
ISSN: 1368-5201

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Article

Paul Nkoane

The purpose of this paper is to enlighten the reader about the development in tax law. Moreover, the author intends to show that other measures could be implemented to…

Abstract

Purpose

The purpose of this paper is to enlighten the reader about the development in tax law. Moreover, the author intends to show that other measures could be implemented to supplement the existing machinery.

Design/methodology/approach

The paper explores the duty vested in the courts to probe the merits of transactions meant to evade or avoid the burden of tax. So much of the text is based on case law. The methodology is based on literature research rather interpersonal research.

Findings

The paper highlights that the current tax machinery has solved a number of tax issues. However, the machinery has not addressed the problem of fraud committed in the banking sector. The paper therefore recommends solutions to this problem.

Research limitations/implications

The paper was formulated before the current tax laws where implemented. The current law contains the solution this study advanced. In a sense, this study examines the impact of the current law and the duty of the court to probe the merits of impeachable transactions.

Practical implications

The study would give the legislature food for thought and would also guide the courts with matters of tax fraud.

Originality/value

Though the original recommendations form part of the current statute, this study is still immensely original in delivery and thought. It provide not only an original influence on the court but also the legislature with original solution to the existing problem.

Details

Journal of Financial Crime, vol. 26 no. 1
Type: Research Article
ISSN: 1359-0790

Keywords

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Article

Howard Chitimira

Money laundering activities were allegedly rampant and poorly regulated in the South African financial markets and financial institutions prior to 1998. In other words…

Abstract

Purpose

Money laundering activities were allegedly rampant and poorly regulated in the South African financial markets and financial institutions prior to 1998. In other words, prior to the enactment of the Prevention of Organised Crime Act 121 of 1998 as amended (POCA), there was no statute that expressly and adequately provided for the regulation of money laundering in South Africa. Consequently, the POCA was enacted to curb organised criminal activities such as money laundering in South Africa. Thereafter, the Financial Intelligence Centre Act 38 of 2001 as amended (FICA) was enacted in a bid to, inter alia, enhance financial regulation and the combating of money laundering in the South African financial institutions and financial markets.

Design/methodology/approach

The paper provides an overview analysis of the current legislation regulating money laundering in South Africa. In this regard, prohibited offences and measures that are used to curb money laundering under each relevant statute are discussed. The paper further discusses the regulation and use of customer due diligence measures to combat money laundering activities in South Africa. Accordingly, the regulation of customer due diligence under the FICA and the Banks Act 94 of 1990 as amended (Banks Act) is provided.

Findings

It is hoped that policymakers and other relevant persons will use the recommendations provided in the paper to enhance the curbing of money laundering in South Africa.

Research limitations/implications

The paper does not provide empirical research.

Practical implications

The paper is useful to all policymakers, lawyers, law students, regulatory bodies, especially, in South Africa.

Social implications

The paper seeks to curb money laundering in the economy and society at large, especially in the South African financial markets.

Originality/value

The paper is original research on the South African anti-money laundering regime.

Details

Journal of Money Laundering Control, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1368-5201

Keywords

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Article

Nurhannani Fazlur Rahman

The purpose of this paper is to draw attention to the effect of the growing informal financial sector (IFS) on the effectiveness of anti-criminal finance laws…

Abstract

Purpose

The purpose of this paper is to draw attention to the effect of the growing informal financial sector (IFS) on the effectiveness of anti-criminal finance laws. Specifically, the growth of the IFS has been brought on by the unprecedented rise in refugee and migrant movement around the world. This paper will focus on how refugee smuggling in the Eastern Mediterranean and Western Balkan region – and the consequent rise of the IFS – has affected the suitability of apply anti-money laundering and financial action task force frameworks in these countries.

Design/methodology/approach

It assesses the effectiveness of national and international legal documents on anti-criminal finance. It also uses data sets and analyses secondary and primary sources to estimate the size and importance of the IFS.

Findings

The exponential and rapid growth of the IFS has undermined efforts to prevent the financing of trafficking, terrorism, corruption and money-laundering. The present legal devices to address criminal finance has been wholly inadequate and counter-productive.

Research limitations/implications

There are limited reliable or accurate data available on the IFS, how much money goes through it or how important it is to criminal activities such as money laundering or terrorist finance. Without field-research, this study remains exploratory.

Practical implications

The growth of the IFS and migratory movement is a complex dilemma that must be accounted for when seeking to truly improve anti-criminal finance laws, especially in developing and transition countries.

Originality/value

This paper demonstrates the importance of considering the IFS and migratory and refugee movements in creating legal instruments to combat financial crime. It also suggests a direction for future research.

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Article

Elizabeth Turkson

The Fifteenth International Symposium on Economic Crime, on the subject of ‘The Globalisation of Crime — the electronic dimension’ was held at Jesus College, Cambridge…

Abstract

The Fifteenth International Symposium on Economic Crime, on the subject of ‘The Globalisation of Crime — the electronic dimension’ was held at Jesus College, Cambridge University from 14th to 20th September, 1997. Previous symposia have been convened to discuss a variety of issues relating to economic crime. In recent years, they have focused on areas of concern such as banking secrecy, how to take the profit out of crime, on cross‐border commercial crime, as well as on how to manage the risks of economic crime.

Details

Journal of Financial Crime, vol. 5 no. 4
Type: Research Article
ISSN: 1359-0790

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