17 Sept 2021

SA finds corruption ‘worsening’

A survey by Afrobarometer released by the Institute for Justice and Reconciliation highlighted public perception that most citizens were dissatisfied with the way the government handles its fight against corruption and that a growing number of people feared retaliation if they reported corruption to the authorities.

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Africa loses close to 90 billion dollars a year to illicit financial flows

Industry experts state that 60 percent of what leaves the continent through illicit financial outflows come from commercial and corporate activities, 35 percent from criminal activity and five percent from government corruption.

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Hawks arrest Pretoria man with live abalone

The Hawks arrested a 26-year-old Pretoria man for allegedly being in illegal possession of abalone and attempting to bribe them with R10,000 to let him go.

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SIU say R15.3 million tender for Limpopo’s Talana shacks fraudulent

The appointed service provider, Aventine Group CC, made misrepresentations and forged documents of industry experts.

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Company director and acting municipal manager charged with tender fraud at the Mafube Local Municipality

It’s alleged that the former acting municipal manager, Nkabi Andrew Hlubi, received kickbacks after the Mafube Local Municipality awarded tenders worth an estimated R21million.

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10 Sept 2021

Estina dairy farm: New accused to be added in fraud and money laundering case

Two new suspects facing charges of fraud and money laundering around the alleged procurement fraud involving R24.9 million was allegedly diverted to a company owned and controlled by the controversial Gupta family.

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US real estate is haven for African money-laundering assets

The use of anonymous shell companies or complex corporate structures remained the number one money laundering typology, with 14 percent of the assets identified originating from Africa and over 50 percent of the reported cases involved politically exposed persons.

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Court grants provisional restraint order to freeze R1.4bn assets

The Pretoria High Court issued a provisional restraint order to freeze the the assets and bank accounts of a group of individuals facing corruption, money laundering and racketeering charges relating to kickbacks related to Kusile Power Station.

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SIU details health department’s R132m Digital Vibes contract corruption

Flouting of procurement processes and a 104% price inflation were highlights among the irregularities in the national health department’s contentious R132-million contract.

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Crypto exchange Binance tightens anti-money laundering checks after regulatory pressure

Major cryptocurrency exchange Binance said on Friday it would demand stricter background checks on customers to bolster efforts against money laundering, with immediate effect.

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3 Sept 2021

DA Councillor charged with food parcel fraud and money laundering

Money meant for food parcels in Atlantis was allegedly channelled to a Cape Town church with ties to the Councillor.

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Ex-Transnet official must pay back millions

The Special Investigative Unit (SIU) Special Tribunal has ordered former head of Capital Projects to pay back R26.4m, due to inappropriate relationship with Transnet supplier IGS Consulting.

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Annual AML survey highlights the challenges of compliance

Across the board, our survey respondents indicated that they experienced a significant uptick in regulatory reviews in 2020, with 71 percent of financial institutions across the globe citing increased regulatory scrutiny.

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Durban man arrested in alleged house building scam

A Durban man’s eight-year crime spree came to end when police arrested him for allegedly defrauding unsuspecting victims of about R18m by claiming he was building houses at cost price and making off with their deposits.

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Eastern Cape man fined and sentenced for R1.5m bank fraud

Capitec Bank in Graaff-Reinet was defrauded of R1.5 million between August 2016 and February 2017 when 13 loans were taken out at the bank using alleged fraudulent documentation.

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13 Aug 2021

ISS: Africa is a new playground for crypto scams and money laundering

The Institute for Security Studies says crypto in Africa still offers options for fraudsters and cyber criminals abound after the world’s two largest scams were perpetrated in South Africa in the last year.

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Another suspect arrested for VBS-related corruption

The Hawks arrested another suspect in Klerksdorp in connection with the looting and ultimate collapse of VBS Mutual Bank.

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Suspect arrested for R50,000 bribe relating to PPE Deal

The suspect was arrested after offering and handing over R50 000 to a SIU investigator in order to have a case relating to the Personal Protective Equipment (PPE) corruption against his sister disappeared.

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Rothschild brothers facing federal money laundering charges

Two brothers are facing federal charges of money laundering after prosecutors say they stole a quarter-million dollars posing as FedEx employees.

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Chinese Broker laundered Latin American drug money around the world

A Chinese businessman laundered tens of millions of dollars in drug money through a Guatemalan casino, a US seafood export company, Miami banks, and Chinese bank accounts.

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6 Aug 2021

Teacher and former principal bust over alleged ‘R3m tender fraud’

School governing body members including a teacher appeared in court on fraud and corruption charges over a security tender worth R3.1m.

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SARS goes after alleged VBS looter who owes tax of R61m on ‘illicit’ income

The South African Revenue Service (Sars) wants its cut of money flowing to and from Limpopo businessman and alleged VBS Mutual Bank fixer, Kabelo Matsepe.

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Suspended Health Minister Dr Zweli Mkhize’s son allegedly benefited from the Digital Vibes contract.

Dedani allegedly received more than R4.2 milion in electronic fund transfers (EFTs), including money for a car. This also allegedly included cash in plastic bags and cardboard boxes.

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Money laundering ring pushed $4bn through HSBC

HSBC discovered a vast money-laundering ring moved $4.2bn through a network of 60 accounts in Hong Kong.

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Jailed for 7 years over transnational drug money laundering network

A Hong Kong resident has been jailed for seven years in the US for trying to bribe an American government official to obtain US passports for a transnational money-laundering network.

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23 July 2021

Gupta money channelled along terrorist money laundering network

Zondo Commission witness told the State Capture inquiry that at least two of the Guptas’ front companies were using a money laundering operation which has been used to launder money for international drug cartels and for terrorist groups, including Al Qaeda.

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EU seeks to stop anonymous crypto

The EU wants to ban anonymous crypto wallets and transactions to counter money laundering and terrorism financing.

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Man behind “Black Child Billionaire Investment” scam arrested

A 25-year-old man faces charges of fraud, theft and money laundering after allegedly running an illegal investment scheme where the victims were promised returns ranging from 25% to 100%.

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US arrests major money launderers

Three men accused of laundering millions of dollars have been arrested and charged in the U.S. The accused represented themselves to be members of an international organised criminal enterprise that distributed narcotics and laundered money.

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EU seeks broader approach and co-operation against money laundering

The European Union is proposing a broader scope of regulation and co-operation between public authorities, especially between financial intelligence units and the private and public sectors.

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16 July 2021

Cryptocurrency fraudster sentenced 15 years for money laundering

A Swedish man was sentenced to 15 years in prison for securities fraud, wire fraud and money laundering charges that defrauded thousands of victims of more than $16 million.

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Did the African anti-corruption day pass you by?

Corruption has been an ongoing significant barrier to democratic governance, human rights protection and sustainable development across Africa. Since 2017, countries across the region have marked 11 July as the annual African Anti-Corruption Day.

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Zimbabwe mines linked to sanctioned tycoon

Kuvimba Mining House Ltd., which the Zimbabwean government says it controls, said it bought its assets from a company linked to a tycoon sanctioned by the U.S.

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Chinese money launderers team up with Mexican cartels

Chinese money launderers and fentanyl-makers have gone into business with Mexican drug cartels, teaming up to make billions of dollars a year trafficking the powerful opioid.

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UK seize R3.7bn cryptocurrency tied to international money laundering

A 39-year-old woman was arrested on suspicion of money laundering offences after the police received intelligence about the transfer of criminal assets, leading to discovery of nearly £180 million of cryptocurrency.

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9 July 2021

South Africa moves to tighten Crypto regulation after scams

South Africa is moving with more urgency to reinforce oversight of cryptocurrency assets after a proliferation of scams.

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SA joins forces with U.S. to tackle economic crimes

The US Internal Revenue Service (IRS) and South African Revenue Service (SARS) are joining forces to fight tax and economic crimes affecting the two countries.

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Vatican puts cardinal on trial for financial crimes

A prominent Italian cardinal is among 10 people charged with financial crimes including embezzlement, money-laundering, fraud, extortion and abuse of office.

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FATF say more must be done to make beneficial ownership public

Countries are still not doing enough to properly gather and maintain beneficial ownership information to ensure greater transparency and to mitigate the risks of misuse.

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EU aims to create anti-money laundering authority

The planned legislation would provide the ability to supervise some cross-border financial companies and impose fines on firms that breach money-laundering rules.

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2 July 2021

Former minister Malusi Gigaba denies delaying FICA Amendment Bill to allow money laundering by the Guptas

National Treasury deputy director general suggested that there was an attempt to change, delay and stop the FIC Amendment Bill.

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British police seize £114m of bitcoin from criminal gang

The bust is believed to be amongst one of the biggest wins in the global fight against the use of cryptocurrency in money laundering.

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The world’s largest cryptocurrency exchange banned by UK regulator

Britain’s Financial Conduct Authority said that Binance “is not permitted to undertake any regulated activity in the U.K.” due to not meeting anti-money laundering requirements.

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Colombia drug trafficking money laundered through modified gold

A criminal group in Colombia is turning dirty money into adulterated gold, in the latest addition to a long list of laundering schemes using the precious metal.

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French gendarmerie take down €13m organised crime group involved in fraud and money laundering across Europe

An 8 member Côte d’Ivoire criminal gang moved stolen goods across Europe before handing them over to a Turkish criminal network where proceeds were then laundered and reintegrated into the legal economy.

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