A Springs-based “cash in transit” business, and financial oversight authorities, came in for sharp criticism from the Zondo Commission.
Cash in transit company did not follow regulations. Foto: ISTOCK
All the now defunct business did, which Viljoen ran from early 2016 for almost three years, was pick up cash from banks and deliver it to businesses that might need the funds. Under questioning, Viljoen acknowledged that she was not aware of the legal requirement that she had to ensure she act on “guidance notes” from the Financial Intelligence Centre.
The large volumes of cash moving through the business, along with the poor internal controls, regarding details on whose behalf AMFS was actually picking up the cash for, left it vulnerable to money laundering. In the report, the commission said AMFS, was not as Viljoen claimed, merely picking up cash from banks and delivering it to a business. Rather, it was receiving deposits from the public as an ordinary feature of the business’s operations.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Zuma, Moyane played ‘critical role’ in dismantling Sars, Zondo report findsAmong the recommendations are a probe of Bain’s contracts, the amendment of the Sars Act and that former commissioner Tom Moyane be charged with perjury for lying to parliament
Read more »
Government can’t be trusted with ‘ultimate responsibility’ to lead the fight against corruption — ZondoStarting point for any scheme of reform must include the establishment of a single, multifunctional, properly resourced and independent anti-corruption authority
Read more »
NPA should charge Dudu Myeni for fraud and corruption: Zondo reportControversial former SAA chair Dudu Myeni's leadership led to the ultimate collapse of governance at the national carrier, giving birth to widespread corruption and looting, the Zondo commission report states.
Read more »
Zondo recommends anti-corruption unit free from political oversight | CitypressDeputy Chief Justice Raymond Zondo has proposed ten interventions to “restore proper standards and discipline within the procurement system.”
Read more »
Zondo recommends the establishment of independent anti-corruption agencyThe recommendation forms part of the report handed to President Cyril Ramaphosa on Tuesday.
Read more »