A new report by the Financial Intelligence Centre (FIC) has found that criminals in South Africa often buy expensive vehicles with the proceeds of crime to either hide criminal funds or to flex
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.
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