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South Africa Gears Up For FATF Evaluation

by Robert Lee, Tax-News.com, London

05 December 2002


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.


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