That's according to the latest motor vehicle dealers' risk assessment report compiled by the Financial Intelligence Centre .
It defines terrorist financing, which according to the report is considered low risk in SA, as the process by which individual terrorists and terrorist organisations obtain funds to commit acts of terrorism. “There are many private transactions regarding pre-owned vehicles taking place on a daily basis without effective monitoring as private individuals are not compelled to report cash transactions.”
“The relatively low number of reports in the 2020/21 financial year may be attributed to a possible reduction in the number of transactions as a result of the Covid-19 pandemic.” “The money laundering risks associated with the use of cash are therefore still present and motor vehicle dealers need to be aware of such risks and need to apply mitigating measures.”
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SA car dealers at high risk of falling prey to money laundering: Financial Intelligence CentreSA's motor vehicle dealers are at high risk of falling prey to money laundering by clients who use cash to buy vehicles. Dnt seem like they'd care. Greedy MFs those ones! why is this even news? Poor motor dealers, become the victims of cash paying cronies.
Source: TimesLIVE - 🏆 28. / 59 Read more »