South Africa is a member of the Financial Action Task Force on Money Laundering and has taken significant steps to comply with this organisation's international obligations. The South African Government has also passed several pieces of legislation aimed at maintaining the integrity of the financial system and combating crime.
Money laundering in the country is addressed in part by the Prevention of Organised Crime Act, No. 121 of 1998, which provides for offences relating to the proceeds of unlawful activities. In addition, the Financial Intelligence Centre Act, No. 38 of 2001, places money laundering control obligations on all major financial institutions and encourages self-regulation by institutions that are most likely to be exploited for money-laundering purposes.
The Protection of Constitutional Democracy Against Terrorist and Related Activities Act, No. 33 of 2004, criminalises the offence of terrorism and provides for measures to prevent and combat terrorist and related activities.
Corruption in both the public and private sectors is curtailed by the Prevention and Combating of Corrupt Activities Act, No. 12 of 2004. This Act allows for international reach in that it criminalises corrupt actions undertaken outside South Africa by any South African citizen, anyone domiciled in South Africa, or any foreigner, if: (a) the act concerned is an offence under that country's law; (b) the foreigner is present in South Africa; or (c) the foreigner is not extradited. It also criminalises the act of not reporting attempted or actual corrupt transactions.
“Corruption in both the public and private sectors is curtailed by the prevention and combating of Corrupt Activities Act, no. 12 of 2004.”
For a comprehensive document outlining the implications of this area of law in South Africa
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