In the run-up to next year's FATF evaluation, legal and tax experts have warned South Africa's businesses to be on the alert for potential money laundering activities taking place, or face hefty fines.
Speaking to the Business Report news service earlier this week, Rupert Haw, senior manager of forensics at Deloitte & Touche warned that:
'If South Africa fails to obtain a positive rating from the FATF, it could harm banking relations with international and particularly American banks, which will grieviously damage the credibility of our financial sector.'
However, he stressed that this was unlikey given the country's recent anti-money laundering initiatives, and expressed optimism that South Africa will secure a positive evaluation from the Financial Action Task Force, so long as businesses ensure that they are in a position to report suspicious transactions when they occur.
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment