11th August 2017
Global auditing firm, KPMG says that in light of all the publicly available information around the Gupta family and its many questionable dealings, it should have dropped the family’s businesses as a client long before it did so in 2016. In a statement put out on Friday (11 August), Trevor Hoole,… Read More
3rd July 2017
KPMG South Africa allegedly failed to raise alarms when businesses controlled by the Gupta family diverted the equivalent of US $3.3 million of public money. Read More
20th June 2017
India and other members of the BRICS grouping on Monday agreed to step up collaboration to combat terror funding and money laundering. Read More
19th June 2017
Parliament has ratified Rwanda’s membership of the Eastern and Southern Africa Anti-Money Laundering Group. Money laundering involves crafting the appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist activity, have originated from a legitimate source. Read More
7th June 2017
The Common Market for Eastern and Southern Africa (Comesa) and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) have signed a Memorandum of Understanding to deepen collaboration in combating money laundering and terrorist financing. 10 out 18 countries in ESAAMLG are Comesa members with six… Read More
26th May 2017
Several local and international banks have been slapped with administrative fines by the South African Reserve Bank, for weak anti-money laundering and combating of financing terrorism controls. The banks include Investec, Absa, Standard Chartered, as well as Habib Overseas Bank. Overall, banks were fined a total of R46.5-million. Read More
8th May 2017
The African National Congress (ANC) has dismissed former Finance minister Trevor Manuel’s comments, accusing the ruling party of money-laundering. Manuel was delivering the keynote address at a Kader Asmal memorial lecture at the University of Cape Town. Read More
2nd May 2017
South African President Jacob Zuma has signed the anti-money laundering bill FICA, which allows increased scrutiny of the bank accounts of “prominent individuals”, including himself, into law, his office said on Saturday. The country risked being kicked out of global fraud monitor, the Financial Action Task Force (FATF), if the… Read More
1st March 2017
Parliament yesterday approved an anti-money-laundering bill that will increase scrutiny of the bank accounts of “politically exposed people” three months after President Jacob Zuma sent it back to MPs for reconsideration because of concerns about its constitutionality. The National Assembly voted across party lines to have the Financial Intelligence… Read More
16th February 2017
A South African antitrust regulator said it found that more than a dozen international and local banks colluded to manipulate foreign-currency trades and recommended some of them be fined 10 percent of their annual turnover. The Competition Commission identified lenders including Bank of America Merrill Lynch, JPMorgan Chase & Co., BNP… Read More