How money laundering makes ‘clean money’ from crime
Laundering makes ’clean money’ appear from crime and dirty deeds. There are many ways criminals use to ‘clean’ their money, including front companies.
Laundering makes ’clean money’ appear from crime and dirty deeds. Criminal money can’t just go straight into bank accounts, but undergoes layers to look completely legitimate.
Cleaned money is harder to trace. Cleaning money is illegal, and leads to criminal charges. Don’t do it!
It’s the stuff of movies, but it happens daily in South Africa – and the world.
There are many ways criminals use to ‘clean’ their money, including front companies.
Would you recognize this crime outside a television show?
Here’s how clean money comes from crime and dirty deeds.
WHAT MONEY LAUNDERING IS
Money laundering ‘cleans’ criminal money’s traces, according to Investopedia.
Stolen or illegal money is obvious. Investigators know when someone walks away with millions, but claims a R1, 500 salary.
Laundering signs can include living beyond means, or throwing money around. Businesses that ‘do nothing’ can also indicate laundered cash.
Something that doesn’t ‘feel right’ can point to criminal trails.
It’s not a victimless crime.
Cleaning money costs the country.
HOW LAUNDERING MAKES ‘CLEAN MONEY’
Laws protect against illegal money cleaning, says Law101.
Money laundering is a crime. International syndicates use money laundering to pay for their crimes. It’s also a local problem, costing South Africa millions.
The Financial Intelligence Centre (FIC) investigates accusations and charges.
SAPS, SARS, and Treasury also investigate accusations and crimes.
Keeping crime off the streets asks everyone’s co-operation.
SOUTH AFRICA’S ANTI-LAUNDERING LAWS
South Africa has laws against illegally cleaned money.
The Prevention of Organised Crime Act (POCA) sets investigation standards. Other laws, like the Criminal Procedure Act, also apply.
South Africa has a strong framework against crime.
Why isn’t crime in the past?
Criminals don’t stop either.
Crime pays, but that doesn’t mean you can keep the money. Launderers are charged to the law’s full extent.
Report fraud and crimes where you notice them. Every report helps create a safer South Africa for everyone.
REPORT CRIMES AND FRAUD
Report suspicion, crimes, and fraud.
A report stops crime in its tracks. Every report is investigated. Reports can be made anonymously. Everyone has the right to protection.
Contact SAPS for reporting crime.
You can also report crimes to CrimeStop: +27 86 001 0111.
Every report gets investigated.
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