Picture: 123RF
Picture: 123RF

In the 2000s, the rules and regulations of the Financial Intelligence Centre Act and the Financial Advisory & Intermediary Services Act were announced with much fanfare.

I remember it well, because I put down a R50,000 deposit on a new car and had to explain to the car dealership where that money came from. At one stage any large transactions had to be reported to the Reserve Bank.

So I’m completely puzzled at how the purchase of some of the really fancy super cars we have seen being recently confiscated slipped through the system.

It could be a variety of reasons: the car dealership could be reluctant to jeopardise the sale, there could be collusion to ensure the deal flies under the radar, or the authorities could just not be interested.

The same goes for scrap dealers — there is clearly no oversight whatsoever, nor inspections of the records of purchases of scrap metal, judging from the wholesale looting of infrastructure.

Surely it is time for President Cyril Ramaphosa to show some leadership skills — and I don’t mean another pie-in-the-sky plan with fancy numbers.

Tony Ball

The FM welcomes concise letters from readers. They can be sent to fmmail@fm.co.za

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