The FSCA has provisionally withdrawn the FSP licence of Salt Asset Management (Pty) Ltd (SAM), which has been implicated in an Al Jazeera investigation into alleged money laundering for a global gold smuggling ring.
The decision follows adverse findings emanating from an inspection conducted by the FSCA on SAM between 29 November 2022 and 1 December 2022 in terms of the Financial Intelligence Centre Act (Fica), as well as other Fica contraventions noted by the FSCA through its ongoing supervision of the entity, the Authority said in a statement on 19 April.
The provisional withdrawal of SAM’s licence means it may not render any financial services to clients, and on behalf of any financial product provider, until and unless the FSCA lifts the provisional withdrawal.
The FSCA said it was aware of recent media reports suggesting the potential involvement of SAM in certain money laundering and associated activities.
“These allegations are viewed in a very serious light and are currently being considered by the FSCA,” it said.
The Al Jazeera documentary alleged that SAM played a key role in laundering money for Zimbabwean gold smugglers. SAM has denied the allegations.
I wish fsca can also investigate on the pension.because Salt also holds drivers money and they dont allocate when retrached. I know because my husband was told no available funds yet the black and white paper says otherwise.
Salt Employee Benefits and Salt Asset Management are different companies.