South Africa Publishes More About Money Laundering Vulnerabilities


As noted in a prior blog post, South Africa’s Financial Intelligence Centre (“FIC”) periodically releases financial crime typologies and case studies. Recently it published information about typologies in two different lines of business: (1) casinos and the gambling industry, and (2) the property sector, discussed in this post.

The FIC’s publication encourages those dealing in South African real estate to be aware of money laundering relating to the sector. The FIC describes the industry as an “attractive destination for illicit funds.” According to the FIC, South Africa’s “property environment, including renovation and improvements, is often associated with criminal proceeds related to corruption and narcotics as well as a variety of other predicate offenses.”