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SA Firms Concerned Over Implications Of Tougher Laundering Laws

by Robert Lee, for LawAndTax-News.com, London

11 February 2005


Speaking to the South African media this week, Jacques Marnewicke, head of forensic investigations at financial services group, Sanlam revealed that institutions affected by the new Financial Intelligence Centre Act are concerned that there are no official guidelines regarding required levels of compliance with the legislation.

According to the Business Report news service, representatives of the affected industries (which include the legal services, finance, brokerage and real estate sectors) are holding talks to try to find a mutually-agreeable compliance standard.

"Everyone is worried that if they are too strict in their interpretation of the act they will lose market share to competitors who comply with the letter but not the spirit of the law," Business Report quoted Mr Marnewicke as observing.


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