to safeguard the integrity of the country’s financial system and its institutions.
There is a large, independent pre-owned dealership environment where standards are largely dictated by the owner operators themselves. In this sector of the market there is often a high penetration of cash purchases, which raises the risk for money laundering.The report also found that some of the clients are foreign nationals making cash payments to motor vehicle dealers.
“With this improved understanding, the motor vehicle dealers’ sector will be better equipped to look out for negative financial behaviour and provide timeous and detailed regulatory reports to the FIC.”This is the starting point of effecting South Africa’s regime for combating money laundering and helping to ensure that our institutions have the necessary protection against crime.
And there you have it. The car dealer rubs his hands even though they know it’s ill gotten money. Shame on them.
WEBUYCARS
Abramjee Very true though
Abramjee But that's common knowledge though.
What, Really..they did An intelligence report and discovered that..they need to do an internal intelligence report, because they telling us shit we knew for a Long time.
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So how do we audit people with our already very very tainted local audit/accounting firms who have been signing off on kak for generations whilst building skyscrapers and company values?
Abramjee They learnt from CORRUPT POLITICIANS
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This is some useless centre considering all the fraud that's happening. KYC (know Your Customer) which monitors strange transaction is part of FICA and if risk officers at banks did their jobs SibongileMane wouldn' be in jail nsfassetencing
Lifestyle Audits are long overdue, banks should also play a role... NPA_Prosecutes RonaldLamola sarstax homeaffairsZA CityofJoburgZA NkuliMbundu David_S_Tembe
This has always been the case.. I am pretty sure that this is not all the report said however I understand that AML can be a complex topic
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Konka..
So how much did this report cost, for what must have been a grueling 5 minutes of work?
There is no NEWS in South Africa. that is common sense. we the community have been telling you people
What new…..
Useless reports as nothing is done by the criminal justice system
They failed to find CR17 criminality. We have a criminal President, who is a role model to other criminals. So FIC must Voetsek.
How does one hide illegal earnings by making conspicuous purchases?
I'ᴍ sᴏ ᴄᴏᴍғᴏʀᴛᴀʙʟᴇ ᴍᴀᴋɪɴɢ ᴍʏ ᴡɪᴛʜᴅʀᴀᴡᴀʟs ғʀᴏᴍ MarkdonaldTowns ᴘʟᴀᴛғᴏʀᴍ, ᴛʜᴀɴᴋ ʏᴏᴜ ғᴏʀ ᴛʜɪs ᴏᴘᴘᴏʀᴛᴜɴɪᴛʏ ʙʀᴏᴛʜᴇʀs ᴀɴᴅ sɪsᴛᴇʀs ʜᴇʀᴇ's ᴛʜᴇ ᴘᴇʀғᴇᴄᴛ ᴏᴘᴘᴏʀᴛᴜɴɪᴛʏ ғᴏʀ ᴜs ᴀʟʟ ᴛᴏ ᴇᴀʀɴ. ᴄʜᴇᴄᴋ her ᴘᴀɢᴇ
This didn't need a special report a simple scroll on Instagram would have made this obvious
Flex... That's where we are... Journalistically... That's what we're doing now. OK..
Some buy cops & politicians.
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They just saw that now And sellers don't care about that. So what must happen now?
They are starting to wake up now, they have been sleeping all along
WOW , who would have thought !!!!
Tell us something we don't know.
Island_Tribe17 How long did it take for them to find this out🤔🤔 The rest of us new about this for more than 25 years already. These agencies are a joke
No way a journalist wrote “or to flex”😭
Hide it where? In the car?
Sounds like ANC
Especially true of many MYANC politicians, who are also criminals
Wow, such breaking news 😒
I knew that for decades now
You don't say🙄
Obviously...and property
A finding that is obvious.
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This is such an old money laundering tactic though... That's why dealerships are required to report suspicious money.