Finance committee chairman Yunus Carrim has called on Finance Minister Nhlanhla Nene to co-ordinate a team that would help the committee on illicit financial flows to do its work. On Wednesday, Carrim highlighted the need for effective co-ordination to combat the illicit tobacco trade because money was being lost to the fiscus. He said a structure with a clear strategy was needed. Carrim made the comments at a meeting about the issue held by the finance committee and attended by industry and various state agencies. The Tobacco Institute of Southern Africa, the Fair Trade Independent Tobacco Association, National Treasury, the South African Revenue Service, the Financial Intelligence Centre, the National Prosecuting Authority (NPA) and the head of commercial crimes at the Hawks, Alfred Khana, made presentations at the meeting. Tobacco Institute chairman Francois van der Merwe told MPs that at least a quarter of the cigarette market in SA was illicit, resulting in significant losses t...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.