John Fairheart
5 November 2005, 13:38
Story Here (http://www.busrep.co.za/index.php?fSectionId=561&fArticleId=2245081)
SA tips the scales on shady dealings
October 1, 2004
By Lynda Loxton
Cape Town - Government's Financial Intelligence Centre received 7 480 reports on suspicious financial transactions in 2003/04, which had been more than expected and ranked "at the higher end of international experience", it reported yesterday.
In its annual report tabled in parliament, the centre said it had received international recognition since being established in 2002, although there were still concerns about South Africa's low success rate in successfully prosecuting money launderers.
Acting director Murray Michell said the centre was now one of the few financial intelligence units in the world that required accountable institutions such as banks and lawyers to report suspicious transactions electronically, with less than 10 percent being made by fax or delivered by hand.
Most of the reports had come from remitters followed by banks, motor vehicle dealers, attorneys and casinos.
The centre had received an average of between 500 to 700 reports a month from these sources as well as 161 requests to investigate cases from local and international law enforcement agencies and financial intelligence units.
The annual report contains an evaluation of South Africa by the Financial Action Task Force, an international agency overseeing anti-money laundering activities, which said that the main sources of money laundering included the criminal proceeds generated by organised crime groups involved in drug and abalone smuggling, vehicle theft, arms and human trafficking, and the trafficking of mineral and precious stone.
The use of "419" fraud schemes was seen as a continued threat, as were other types of fraud such as fake cheques, credit cards and pyramid schemes.
SA tips the scales on shady dealings
October 1, 2004
By Lynda Loxton
Cape Town - Government's Financial Intelligence Centre received 7 480 reports on suspicious financial transactions in 2003/04, which had been more than expected and ranked "at the higher end of international experience", it reported yesterday.
In its annual report tabled in parliament, the centre said it had received international recognition since being established in 2002, although there were still concerns about South Africa's low success rate in successfully prosecuting money launderers.
Acting director Murray Michell said the centre was now one of the few financial intelligence units in the world that required accountable institutions such as banks and lawyers to report suspicious transactions electronically, with less than 10 percent being made by fax or delivered by hand.
Most of the reports had come from remitters followed by banks, motor vehicle dealers, attorneys and casinos.
The centre had received an average of between 500 to 700 reports a month from these sources as well as 161 requests to investigate cases from local and international law enforcement agencies and financial intelligence units.
The annual report contains an evaluation of South Africa by the Financial Action Task Force, an international agency overseeing anti-money laundering activities, which said that the main sources of money laundering included the criminal proceeds generated by organised crime groups involved in drug and abalone smuggling, vehicle theft, arms and human trafficking, and the trafficking of mineral and precious stone.
The use of "419" fraud schemes was seen as a continued threat, as were other types of fraud such as fake cheques, credit cards and pyramid schemes.