SARS will ramp up its efforts to target corrupt lenders and advisers.
The head of South Africa’s revenue service said it will ramp up efforts to target lenders and advisers who may be “professional enablers” of organized corruption and financial crimes to combat illicit capital flows and tax evasion.
Measures to hold them accountable include listing suspect lenders and other professional institutions as entities of interest in tax crimes that are being probed, instituting charges against them, conducting detailed investigations and audits and freezing assets to secure a flight risk of capital, Kieswetter said.The tax authority in December instituted legal proceedings against lender and financial services group, Sasfin Holdings for R4.
Absa said it detected alleged illicit tobacco and gold-based money laundering activities in early 2020 and is “confident that its staff did not engage in the alleged conduct that forms the basis of Sars’s action against Sasfin.” The steps add to others taken by Kieswetter and his team to rebuild the agency popularly known as Sars after it was hollowed out during former President Jacob Zuma’s scandal-marred rule.
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