INSIDE YOUR BUSINESS: Prevent your business from being involved in a money laundering scheme
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GUEST - Dewald van Rensburg - Investigator at AmaBhungane Centre for Investigative Journalism & Steven Powell, head of ENSafrica's forensics practice
The funds are deemed as illicit as they often originate from fraud, corruption, drug trafficking, or other unlawful activities or predicate crimes. Money laundering operations have serious negative impacts on global economies as well as local communities and so serious measures have to be put into place to deter individuals from these acts.
Based on the above it is very important that businesses and individuals that are at higher risk of being used as a “tool” for money laundering should follow the international and local guidelines given by the FATF and FIC respectively. Failure to do so not only harms your community but could result in reputational damage, financial penalties and even jail time.
The funds are deemed as illicit as they often originate from fraud, corruption, drug trafficking, or other unlawful activities or predicate crimes. Money laundering operations have serious negative impacts on global economies as well as local communities and so serious measures have to be put into place to deter individuals from these acts.
Based on the above it is very important that businesses and individuals that are at higher risk of being used as a “tool” for money laundering should follow the international and local guidelines given by the FATF and FIC respectively. Failure to do so not only harms your community but could result in reputational damage, financial penalties and even jail time.
