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All news by: Grant Duff, Jean-Pierre Willams: Moore Infinity

Why Comprehensive AML Audits Are Essential In Modern-Day South Africa

Money laundering in South Africa is of significant concern, given the country's role as a financial hub in Africa and the prevalence of various forms of economic crime. Corruption is a major issue cited regularly in our media, often involving public officials and large sums of money. This creates opportunities for money laundering. The country has a notable presence of organised crime syndicates involved in drug trafficking, illicit tobacco smuggling, human trafficking, and other illicit activities, all of which generate large illicit and illegal proceeds. South Africa's developed financial sector provides various channels for laundering money, including banks, bullion dealers, casinos, real estate, and cross-border financial transactions.