TUESDAY, 11.30AM THE Reserve Bank’s foreign exchange control division may be used to fight rampant money laundering as government progressively lifts foreign exchange control restrictions.
It is believed that discussions have taken place on the possibility of using the Bank’s exchange control division to police money laundering activities once restrictions are lifted. Registrar of Banks Christo Wiese earlier this year announced legislation curtailing money laundering will come before Parliament this year. The new law will oblige banks to report suspicious transactions, and other new laws will criminalise money laundering, provide for confiscation of proceeds and allow for international co-operation.