Is the South African effort toward reducing money laundering optimal?

  • Bernd Schlenther
  • Journal of Money Laundering Control, January 2014, Emerald
  • DOI: 10.1108/jmlc-07-2013-0025

South African effort to reduce money laundering.

What is it about?

Tax crimes are viewed as one of the top three sources of laundered money. An understanding of the underlying predicate offence – tax evasion – may be indicative of the values or volumes involved. It is suggested that a “whole of government approach”, as is advanced by the OECD, is applied between the tax administration and the financial intelligence centre in South Africa.

Why is it important?

Currently it s a G20 imperative to deny safe haven to the proceeds of crime and corruption and to facilitate asset recovery. By utilising tax administration tools (such as the DTA and automatic exchange of information) to identify underlying tax crimes and beneficial ownership of the proceeeds of crime, a significant contribution can be made to combat money laundering.

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http://dx.doi.org/10.1108/jmlc-07-2013-0025

The following have contributed to this page: Bernd Schlenther