SA’s property laundromat used to wash dodgy African funds:
[an extract from an Article By: Ciaran Ryan in: MONEYWEB – 15 November 2024]
A new report from Open Secrets shows how corrupt money from Mozambique, DRC and Equatorial Guinea have been used to snap up luxury Cape properties.
South Africa’s Atlantic Seaboard is known worldwide for its beauty and attractive real estate, but less well-known are some of the dodgy investors it is attracting.
Using court documents, deeds office records and confidential source information, Open Secrets tracked R162 million in homes purchased by politically connected individuals from mainly Mozambique, DRC (Democratic Republic of Congo) and Equatorial Guinea.
This comes at a time when SA is trying to remove itself from the Financial Action Task Force (FATF) grey list. One of the reasons for SA’s sluggish compliance with the FATF requirements is the fact that about 40% of estate agents and 34% of lawyers failed to meet their reporting requirements in terms of the Financial Intelligence Centre Act (Fica).
The Original, Full Article can be Viewed here → https://www.moneyweb.co.za/news/south-africa/sas-property-laundromat-used-to-wash-dodgy-african-funds/