What the Reserve Bank can – and can’t – do about illicit financial flows
Kuben Naidoo talks about what SA is doing right, and what it needs to do better, in the fight against money laundering and other financial crime
Developing nations are facing a rising wave of illicit financial flows and money laundering. In SA the Reserve Bank is at the forefront of managing the problem. Mills Soko asked Reserve Bank deputy governor and registrar of banks Kuben Naidoo to explain the scale of the challenge and what’s been done about it. MILLS SOKO: What are the key highlights of how to fight money laundering? KUBEN NAIDOO: First let me just say that we don’t know how big the losses are, but SA must be losing billions, if not tens of billions, of rand in revenue through illicit financial flows. The Reserve Bank plays two particular roles in dealing with money laundering and illicit financial flows. Firstly, we assess the compliance of banks with the provisions of the Financial Intelligence Centre Act (Fica) and the relevant regulations. This is purely a compliance job to ensure that banks have the requisite systems, processes and procedures to be able to implement the act. We do this through an auditing method...
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