SA's motor vehicle dealers are at high risk of falling prey to money laundering by clients who use cash to buy vehicles.
That's according to the latest motor vehicle dealers' risk assessment report compiled by the Financial Intelligence Centre .
It defines terrorist financing, which according to the report is considered low risk in SA, as the process by which individual terrorists and terrorist organisations obtain funds to commit acts of terrorism. “There are many private transactions regarding pre-owned vehicles taking place on a daily basis without effective monitoring as private individuals are not compelled to report cash transactions.”
“The relatively low number of reports in the 2020/21 financial year may be attributed to a possible reduction in the number of transactions as a result of the Covid-19 pandemic.” “The money laundering risks associated with the use of cash are therefore still present and motor vehicle dealers need to be aware of such risks and need to apply mitigating measures.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SA car dealers at high risk of falling prey to money laundering: Financial Intelligence CentreSA's motor vehicle dealers are at high risk of falling prey to money laundering by clients who use cash to buy vehicles.
Read more »
'Girls on Fire': Gun Owners of SA association aims to empower women‘Girls on Fire’: Gun Owners of SA association aims to empower women
Read more »
We need to face the reality of why investors are negative about SAThe negative narrative about SA as an investment destination is justified by blackouts, corruption, unrest and doubts about fiscal sustainability, writes Mamokete Lijane.
Read more »
Spinners strike early as SA pushes for win over BangladeshMaharaj and Harmer claim three wickets as the visitors sink into serious trouble with a deficit of 266 runs
Read more »
BUSISIWE MAVUSO: SA held hostage by corruptionThe crooks must be rooted out from all spheres of government — a daunting task as graft is so entrenched
Read more »
SA doctors and medical professionals will leave if NHI is introduced, SAMA warnsSouth Africa faces a dramatic talent flight in doctors and medical professionals because of the National Health Insurance scheme. The NHI is designed to pool...
Read more »