South Africa ranked seventh globally in criminal activity, leads in cocaine trade in Southern Africa
South Africa has been listed among the top ten nations globally for high levels of criminal activity, as per the recent Global Organised Crime Index published by the Global Initiative Against Transnational Organised Crime. In this assessment, South Africa holds the seventh position out of 193 countries, notes The Citizen ...
A deep dive into the world of Company Service Providers and their role in money laundering and terrorist financing
Money laundering, the process of making the proceeds of criminal activities appear legitimate, and terrorist financing, the funding of terrorist activities, are significant global concerns. The Financial Action Task Force (FATF), a key body in setting standards for combating these issues, has updated its recommendations in November 2023, emphasising the ...
FIC opens consultation on draft risk assessment report for Company Service Providers, comments by 7 December 2023
The Financial Intelligence Centre (FIC) has released a draft risk assessment report for company service providers, inviting public consultation. This report focuses on the money laundering and terrorist financing risks prevalent in this sector, particularly since its inclusion in item 2 of Schedule 1 of the Financial Intelligence Centre Act ...
FIC releases Draft Public Compliance Communication 44A for accountable institutions – Adhering to targeted financial sanctions; deadline for comments 11 January 2023
South Africa risks international sanctions with proposed Gazprombank deal for PetroSA gas plant revival
Emerging money laundering trends in the insurance sector