Money laundering : of watchdogs, bloodhounds and guide dogs

de Koker, Louis and Agulhas, Bernard 2003, Money laundering : of watchdogs, bloodhounds and guide dogs, Accountancy SA, vol. AC 116, pp. 2-6.

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Title Money laundering : of watchdogs, bloodhounds and guide dogs
Author(s) de Koker, LouisORCID iD for de Koker, Louis
Agulhas, Bernard
Journal name Accountancy SA
Volume number AC 116
Start page 2
End page 6
Publisher South African Institute of Chartered Accountants
Place of publication Johannesburg. South Africa
Publication date 2003-09
ISSN 0258-7254
Summary June 2003 was a very important month from the perspective of money laundering control. The main administrative money laundering control duties took effect on 30 June 2003, thereby changing many of the business practices that were part of the South African business landscape. In the same month, South Africa gained membership of the Financial Action Task Force (FATF) which is the main international standard-setting body in respect of money laundering control. At the meeting where South Africa’s membership was endorsed, the FATF also adopted a new and more stringent set of money laundering control standards that all countries will have to meet. As South Africa is implementing its money laundering control legislation, thought must therefore be given to amendments that may be required to comply with the new set of international standards. In this state of flux, accountants and auditors have a very important role to play. Not only do they have to comply with the legislation but they will also be required to provide guidance to those clients who are bewildered by the new requirements. Obviously auditors will also have to consider non-compliance with these laws when planning and carrying out an audit.
Notes Accountancy SA = Rekeningkunde SA
Language eng
Field of Research 180119 Law and Society
Socio Economic Objective 940499 Justice and the Law not elsewhere classified
HERDC Research category C1.1 Refereed article in a scholarly journal
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Document type: Journal Article
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