CORRUPTION: EXPERT WORKING GROUP REPORT PUBLISHED

CORRUPTION: EXPERT WORKING GROUP REPORT PUBLISHED

• 02 November 2023
• Financial Sector
• SA Legal Academy

The South African Anti-Money Laundering Integrated Task Force has published a report prepared by its Corruption Expert Working Group and informed by multiple case studies. The report includes recommendations for:

• addressing the vulnerability of public procurement tender processes to corruption’, and
• curbing the ‘irregular’ practice of awarding tenders to individuals in ‘corrupt political networks’.

In that context, among other things the report:

• explores ways in which financial institutions could strengthen due diligence procedures when dealing with politically exposed persons/prominent influential persons, and
• informed by Zondo State Capture Commission findings, lists the steps government could take to address the issue (including new legislation).

The South Africa Anti-Money Laundering Integrated Task Force was established in 2019 as a partnership between the banking sector and government regulatory authorities. Its Corruption Expert Working Group was commissioned to conduct the necessary research in the context of mounting concerns about the threat of ‘institutionalised’ corruption and the extent to which that could:

• impact negatively on South Africa’s financial system
• undermine its democracy, and
• further deepen ever-worsening poverty levels. 

Please click the link below to access the document:

• report

Published by SA Legal Academy Policy Watch

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