How to Combat Financial Crime & Greylisting in SA
- Zingai Dhliwayo stole the identity of Bethal Ngobeni and spent R4.2 million on luxury items within seven months.
- Dhliwayo's illicit activities included buying stolen gold-bearing materials and selling them on the black market.
- A law firm in South Africa was fined R7.7 million for non-compliance with the Financial Intelligence Centre Act (FICA).
The ongoing challenges posed by sophisticated financial crimes in South Africa highlight the urgent need for businesses and regulatory bodies to innovate and strengthen their compliance frameworks. As criminals continue to evolve their tactics, the reliance on outdated methods will only exacerbate the issues at hand. A collaborative approach that emphasizes technology adoption and regulatory adherence is essential for safeguarding the financial system and restoring South Africa's international standing.
