MONEY LAUNDERING
Law agencies to investigate cases involving R97bn
Financial Intelligence Centre also blocks R794m suspected to be the proceeds of crime
The Financial Intelligence Centre (FIC) passed on 3,908 reports involving about R97bn to law enforcement agencies for investigation from April 2011 to end-March 2016, former finance minister Pravin Gordhan said in a written reply to a parliamentary question. During this period, the centre also blocked R794m, which was suspected to be the proceeds of crime, Gordhan said. It responded to 7,753 requests for information concerning domestic and international criminal investigations in 50 crime categories and produced 107 affidavits to support judicial action by the state. Gordhan provided the information to indicate the work of the FIC in combating money laundering and the financing of terrorism. He noted that the total cost of the functioning of the FIC from its inception to the end of 2015-16 amounted to R1.6bn. Gordhan said it was not possible to determine the cost to the private sector and other bodies in implementing the FIC law. This was because it was not possible to disentangle t...
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