Governments provided refuge for the Guptas and the means to continue their activities through less regulated “open” economies PeterHain
Because state capture in SA was in part facilitated by the complicity of global banks, corporates and governments , they each have a responsibility to help recover the billions of rand that were looted.uch of this was laundered abroad — part of about 5% of global GDP or a staggering $2-trillion laundered globally each and every year.
Though some sharing of information already occurs, it is not effective and banks must cease hiding behind confidentiality and work collaboratively and proactively to share useful data and intelligence on a confidential basis with the SA authorities, global regulators and enforcement agencies.such information sharing to create a more complete picture of a customer and their transactions, a body replicating the UK’s joint money-laundering steering group should be set up within SA without delay.
And SA should establish a body replicating the UK’s joint money laundering intelligence task force to promote the exchange and analysis of information on money laundering and wider economic threats. Since its inception, the intelligence task force has supported and developed more than 500 law enforcement investigations in the UK and directly contributed to more than 130 arrests and the seizure or restraint of more than £46m. Its membership should include local and international banks.
The global financial action task force has proposed a set of recommendations aimed at preventing, detecting and sanctioning money laundering. But simply being a member is not enough: SA must implement its recommendations.
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