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As the Financial Action Task Force (FATF) deadline for SA to improve its capacity to adequately deal with financial crime draws closer, the Treasury says it plans to present draft legislation to deal with weaknesses in combating such crimes to parliament by April.

The legislation will set in motion the government’s plans to track and prosecute perpetrators of financial crimes such as money laundering and terrorist financing but the “bigger issue will be getting all the [law enforcement] agencies to focus on all financial crimes [including] corruption and illegal financial flows”, says Treasury deputy director-general Ismail Momoniat...

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