Key Documents

November 24, 1998

May 2, 2017

February 11, 2005

May 20, 2005

August 13, 2010

December 20, 2002

Important Facts

The U.S. State Department identifies South Africa as a major money laundering jurisdiction. South Africa's position as the major financial center in the region, its sophisticated banking and financial sector, and its large, cash-based market make it vulnerable to exploitation by transnational and domestic crime syndicates. The largest sources of laundered funds are derived from corruption, fraud, and organized crime. Organized crime, business email compromises, theft, racketeering, currency speculation, credit card skimming, wildlife poaching, theft of precious metals and minerals, human trafficking, stolen cars, and smuggling are additionally popular sources of laundered proceeds. Many criminal organizations are involved in legitimate business operations. In addition to criminal activity by South African nationals, observers note criminal activity by: Nigerian, Pakistani, Andean and Indian drug traffickers; Chinese triads; Taiwanese groups; Bulgarian credit card skimmers; Lebanese trading syndicates; and the Russian mafia. Foreign nationals are using South African nationals to help them send money gained from illegal activities to foreign countries. In some instances, nominee structures have been exploited by criminals who intend to launder illicit funds by mixing them with legitimate assets held on someone else's behalf.

Source: 2018 International Narcotics Control Strategy Report (INCSR)

KYC Covered Entities: Banks, credit institutions, post office banks, foreign exchange dealers, securities traders and brokers, entities that issue traveler’s checks, real estate agents, gaming institutions, gold dealers, attorneys, used car dealers, and money lenders
STR Covered Entities: Banks, credit institutions, post office banks, foreign exchange dealers, securities traders and brokers, entities that issue traveler’s checks, real estate agents, gaming institutions, gold dealers, attorneys, used car dealers, and money lenders
Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A

Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rank : 87/141

Score : 4.83/10

Rank : 70/180

Score : 44/100

Rank : 58/133

Score : 56/100