Money laundering in South Africa – legislation and regulations

The Responsible minister for money laundering is the Minister of Finance.  Just look up what his salary is, together with other ministers (involved with Bosasa)  as well.      He and the others, are part of the ANC cabinet and a very important minister, but what is he doing about the Bosasa and money laundering?   Where is the SARS about the money laundering?  Court cases and investigations?

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Die verantwoordelike minister vir geldwassery is die Minister van Finansies en tog is daar ander ministers wat tenders laat toeken het, waar is hulle al vervolg?  Hy en die res, is deel van die ANC se kabinet.

Verwys na al die betrokkenes ook by Bosasa en ander korrupsie aangeleenthede, geldwassery.   Waar is SARS as hierdie groot bedrae geld gewas of gesteel word?  Of is hierdie betrokkenes bo die wet verhewe?  Of word wetgewing net vir ons, veral die blankes gemaak wat vervolg moet word?

Financial Intelligence Centre Act  : Regulations: Money laundering and terrorist financing control: Amendment –
GOVERNMENT NOTICE – STAATSKOERANT, 1 OKTOBER 2010

1. In these Regulations ‘the Act’ means the Financial Intelligence Centre Act, 2001 (Act 38 of 2001), and, unless the context otherwise indicates, any vvord or expression to ‘vvhich a meaning has been assigned in the Act has that meaning, and –
“the Regulations” means the Money Laundering and Terrorist Financing Control Regulations, 2002, promulgated by Government Notice No. R. 1595 of 20 December 2002 as amended by GN R456 in Government Gazette 27580 of 20 May 2005.

3. Regulation 24 of the Regulations is hereby amended by the addition of the following subregulation after subregulation (3):

“(4) A report under section 28 of the Act must be sent to the Centre as soon as possible but not later than 2 days after a natural person or any of his or her employees, or any of the employees of officers of a legal person or other entity, has become aware of a fact of
a cash transaction or series of cash transactions that has exceeded the prescribed Iimit.”.

https://www.gov.za/documents/financial-intelligence-centre-act-regulations-money-laundering-and-terrorist-financing

Click to access 33596867.pdf

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 Money Laundering and Terrorist Financing Control Regulations in terms of the FIC Act – draft

The National Treasury invites you to comment on draft regulations on international financial transactions in terms of section 31, and amendment of regulations on cash transaction reporting and aggregation in terms of section 28 of the Financial Intelligence Centre Act 38 of 2001 (FIC Act) that are published today together with a consultation paper prepared by the FIC that sets out the policy rationale for the draft regulations.

Find here:

Media statement: Publication of Money Laundering and Terrorist Financing Control Regulations in terms of the FIC Act for public comment

Government Notice: Money Laundering and Terrorist Financing Control Regulations

Draft: Money Laundering and Terrorist Financing Control Regulations

Consultation paper – Money Laundering and Terrorist Financing Control Regulations

Comments can be emailed to National Treasury at  commentdraftlegislation@treasury.gov.za Monday1 April 2019.

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DRAFT AMENDMENTS – REGULATIONS BY MINISTER OF FINANCE
28 FEBRUARY 2019

Click to access 190228Government_Notice_-_Money_Laundering_and_Terrorist_Financing_Control_Regulations.pdf

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“This is an unofficial text of the Financial Intelligence Centre Act, 2001 and the Money Laundering and Terrorist Financing Control Regulations”

“money laundering” or “money laundering activity” means an activity which has or is likely to have the effect of concealing or disguising the nature, source, location, disposition or movement of the proceeds of unlawful activities or any interest which anyone has in such proceeds, and includes any activity which constitutes an offence in terms of section 64 of this Act or section 4, 5 or 6 of the Prevention Act;

“Money laundering

4. Any person who knows or ought reasonably to have known that property is or forms part of the proceeds of unlawful activities and-
(a) enters into any agreement or engages in any arrangement or transaction with anyone in connection with that property, whether such agreement, arrangement or transaction is legally enforceable or not; or
(b) performs any other act in connection with such property, whether it is performed independently or in concert with any other person, which has or is likely to have the effect-
(i) of concealing or disguising the nature, source, location, disposition or movement of the said property or its ownership or any interest which anyone may have in respect thereof; or
(ii) of enabling or assisting any person who has committed or commits an offence, whether in the Republic or elsewhere-
(aa) to avoid prosecution; or
(bb) to remove or diminish any property acquired directly, or indirectly, as a result of the
commission of an offence, shall be guilty of an offence.

Assisting another to benefit from proceeds of unlawful activities

5. Any person who knows or ought reasonably to have known that another person has obtained the proceeds of unlawful activities, and who enters into any agreement with anyone or engages in any arrangement or transaction whereby-
(a) the retention or the control by or on behalf of the said other person of the proceeds of unlawful activities is facilitated; or
(b) the said proceeds of unlawful activities are used to make funds available to the said other person or to acquire property on his or her behalf or to benefit him or her in any other way, shall be guilty of an offence.

Acquisition, possession or use of proceeds of unlawful activities
6. Any person who-
(a) acquires;
(b) uses; or
(c) has possession of, property and who knows or ought reasonably to have known that it is or forms part of the proceeds of unlawful activities of another person, shall be guilty of an offence.”.

FINANCIAL INTELLIGENCE CENTRE ACT, 2001
(Act No. 38 OF 2001)
As amended by the Protection of Constitutional Democracy against Terrorist
and Related Activities Act, 2004 (Act No. 33 of 2004), the Financial Intelligence
Centre Amendment Act, 2008 (Act No. 11 of 2008), the General Intelligence Laws
Amendment Act, 2013 (Act No. 11 of 2013), the Financial Intelligence Centre
Amendment Act, 2017 (Act No. 1 of 2017) and the Financial Sector Regulation
Act, 2017 (Act No. 9 of 2017)

ACT

To establish a Financial Intelligence Centre in order to combat money
laundering activities and the financing of terrorist and related activities;
to impose certain duties on institutions and other persons who might
be used for money laundering purposes and the financing of terrorist
and related activities; to provide for customer due diligence measures
including with respect to beneficial ownership and persons in prominent
positions; to provide for a risk based approach to client identification
and verification; to provide for the implementation of financial sanctions
and to administer measures pursuant to resolutions adopted by the
Security Council of the United Nations; to clarify the application of the
Act in relation to other laws; to provide for the sharing of information by
the Centre and supervisory bodies; to provide for risk management and
compliance programmes, governance and training relating to anti-money
laundering and counter terrorist financing; to provide for the issuance
of directives by the Centre and supervisory bodies; to provide for the
registration of accountable and reporting institutions; to provide for the
roles and responsibilities of supervisory bodies; to provide for written
arrangements relating to the respective roles and responsibilities of the
Centre and supervisory bodies; to provide the Centre and supervisory
bodies with powers to conduct inspections; to regulate certain
applications to Court; to provide for administrative sanctions that may
be imposed by the Centre and supervisory bodies; to establish an appeal
board to hear appeals against decisions of the Centre or supervisory
bodies; to provide for arrangements on consultation with stakeholders; to
amend the Prevention of Organised Crime Act, 1998, and the Promotion
of Access to Information Act, 2000; and to provide for matters connected
therewith.

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36. Information held by supervisory bodies and South African Revenue Service
(1) If a supervisory body or the South African Revenue Service knows or suspects that an accountable institution wittingly or unwittingly has received or is about to receive the proceeds of unlawful activities or has been used or may be used in future for money laundering purposes or for the purpose of any transaction contemplated in section 29(1)(b), it must advise the Centre and any authority, service or body contemplated in section 3 or any other supervisory body that, in the opinion of the supervisory body or the South African Revenue Service, may have an interest therein, of that fact and furnish them with all information and any records regarding that knowledge or suspicion which they may reasonably require to identify the proceeds of unlawful activities or to combat money laundering activities or financing of terrorist and related activities.

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read more
https://www.fic.gov.za/Documents/FIC%20Act%20Web%20File.pdf

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Now the “money laundering” stops there at Zondo commission, are the people above the law then?   There is no connection to any court or even prosecutions. Besides the “k” word and another was placed on leave.  Do MPs and parliament just make laws for citizens that do not apply to themselves?
Bosasa “donations” (fake) – money laundering – ANC – DA – elections

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Can we call it all WAR CRIMES –  the violation of human rights?  
ANC – Lethuli-house can of worms – “Nyani skeletons” – so-called “apartheid” (segregation) and ‘white privileges”

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