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Money laundering : of watchdogs, bloodhounds and guide dogs

journal contribution
posted on 2003-09-01, 00:00 authored by Louis De Koker, B Agulhas
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.

History

Journal

Accountancy SA

Volume

AC 116

Pagination

2 - 6

Publisher

South African Institute of Chartered Accountants

Location

Johannesburg. South Africa

ISSN

0258-7254

Language

eng

Notes

Accountancy SA = Rekeningkunde SA

Publication classification

C1.1 Refereed article in a scholarly journal

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