South Africa: Money Laundering — The Duty to Report under the Law

Money laundering in South Africa received legislative attention as recently as 1992. The advances in technology and particularly electronic funds transfers brought a dramatic increase in organised crime. Furthermore, with its return to the international arena, South Africa was becoming increasingly attractive for drug traffickers, not only as a transit destination but also as an end destination. This paper gives a historical overview of the legislation dealing with money laundering, focusing particularly on the duty to report.