Authorities have convicted six individuals in the VBS Mutual Bank fraud case, including former executives and municipal officials. However, with 29 accused still on trial and 43 more suspects under investigation, the case is far from over.
The joint trustees have managed to recoup R12.4m, but R1.5bn remains in claims. The efforts to recover funds through settlements, asset recovery, and legal action continue.
The Digital and Financial Forensic Analysis Centre’s latest project is serving subpoenas electronically to obtain bank records.
The former owner of Gundo Wealth Solutions has been fined R3 million and debarred for a decade for brokering investments into VBS Mutual Bank.
Court finds that Pieter Bothma accepted bribes to facilitate unauthorised investments, laundering millions for Fidentia’s directors.
The Financial Intelligence Centre’s sector final risk assessment report for crypto asset service providers is set to be published in the new financial year.
The FIC’s latest annual report shows that out of 558 inspections conducted during the year, 269 specifically targeted the non-submission of risk and compliance returns.
The Financial Intelligence Centre facilitated the recovery of R98.5m in criminal proceeds and generated 3 924 intelligence reports.
The syndicate gained unauthorised access to two accounts belonging to a German national on multiple occasions.
The bank also faces a R4.9bn claim arising from SARS’s alleged inability to collect taxes and penalties from former foreign exchange clients.
Lieutenant General Godfrey Lebeya details the cases involving financial crimes investigated by the Hawks.
Once the draft amendments to the Money Laundering and Terrorist Financing Control Regulations are enacted, failure to submit the required Cash Conveyance Report could lead to imprisonment for up to 15 years or fines of up to R100 million.
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
The administrative sanctions are the result of an inspection conducted by the Prudential Authority three years ago.
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