Treasury panel set up to steer battle on laundering
A committee to combat financing of terrorism and money laundering will prevent Parliament’s security cluster gaining control of the Financial Intelligence Centre, says DA’s Maynier
The National Treasury is in the process of setting up an inter-departmental anti-money laundering committee to combat the financing of terrorism. The committee will, among other things, harmonise and align approaches to financial investigations, prosecutions, convictions and asset forfeitures in money laundering and terrorist financing cases. Finance Minister Malusi Gigaba said in a written reply to a question in Parliament that in addition to this committee a separate consultative structure would be created to facilitate engagements with private sector entities which are designated as "accountable institutions" under the Financial Intelligence Centre Act. These include banks, estate agents, car dealers and insurance companies which are required to report suspicious transactions to the Financial Intelligence Centre. Gigaba has previously emphasised the need for more effective consultation, noting that legislation was not needed for this. He said the committee would be chaired by Tre...
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