South Africa has introduced a suite of legislation aimed at combating money laundering and has recently been admitted, as a result of such legislation and co-operation, to the international Financial Action Task Force. Contravention of such legislation carries substantial fines or periods of imprisonment.
The Prevention of Organised Crime Act 1999 (POCA) criminalises the management of and other activities relating to organised crime, racketeering and gangsterism. This enables action to be taken against criminal syndicates and parties assisting or benefitting from these syndicates through specific criminalisation of those activities. Assisting anyone to benefit from the proceeds of unlawful activities or to acquire, use or have possession of such proceeds is a criminal offence. It is a criminal offence not to report a suspicion that transactions relate to the proceeds of unlawful activities. POCA provides for the confiscation of property derived from criminal activities and for restraint orders to be placed on the use of such property.
