Authorities make progress in stemming illicit financial flows
Hawks, NPA, Financial Intelligence Centre, Sars, among regulatory authorities that have combine forces to swoop on illegal movement of funds
The regulatory and law enforcement authorities have made progress in their collaboration in the fight against illicit financial flows which are estimated to amount to billions of rand annually. This was the conclusion of a joint meeting by parliament’s finance and trade and industry committees on Wednesday after briefings by the Hawks, the National Prosecuting Authority (NPA), Financial Intelligence Centre (FIC), SA Revenue Service (Sars), the Reserve Bank, the Treasury and the department of trade & industry. There is an inter-agency working group on illicit financial flows consisting of the agencies which is working on eight cases which each exceed the set minimum financial threshold of R100m. The total amount involved in the eight cases under investigation by the working group, according to FIC executive manager for analysis Mike Masiapato, is well over R3.9bn, with R2.7bn related to the transfer of illicit proceeds from the transnational movement of rhino horn and R1.2bn related ...
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