Money laundering control: the South African model

Outlines the Financial Intelligence Centre Act (FICA) 38 of 2001, which completes the broad legislative framework for money laundering in South Africa. Describes the functions of the Financial Intelligence Centre, including its liaison with the South African Revenue Service, and the Money Laundering Advisory Council; both of these bodies were established by FICA. Reviews the existing legislation such as the Drugs and Drug Trafficking Act 140 of 1992, and the 1996 Proceeds of Crime Act, which was repealed by the Prevention of Organised Crime Act 121 of 1998. Points out the gaps in the legislative framework before FICA; however, over 2,500 suspicious transaction reports have been filed with the police since 1997, and South Africa has had strict exchange control for some time, with gambling, the stock exchange and banking all locked into compliance.