Regulatory Framework for Illicit Framework for Illicit Financial Flows in South Africa : A Scoping Exercise
- South Africa African Monitor 2017
- 13p.
This is a regulatory framework for South Africa.The role of South Africa as the major financial centre in Africa makes it vulnerable to illicit financial crime by organized and unorganized groups. It reveals that the major sources of laundered funds was proceeds from drugs .Other main money laundering activities and revenue generating crimes are fraud, theft, corruption, racketeering, precious metals smuggling, corruption, currency speculation, credit card skimming abalone poaching, “419” Nigerian-type economic/investment frauds and pyramid schemes While most of these activities are done by illegitimate organizations, some are done by legitimate organizations.
