Title: (Inter)national standards on money laundering with regard to the FATF recommendation

Authors: Naledi Thabang Masete; Jacques Clarence Duvenhage

Addresses: Mercantile Law Department, University of South Africa (Unisa), P.O. Box 392, Unisa, 0003, Pretoria, South Africa ' Mercantile Law Department, University of South Africa (Unisa), P.O. Box 392, Unisa, 0003, Pretoria, South Africa

Abstract: In recent years, the international community has become more aware of the dangers that money laundering poses. To control the increase in money laundering, a number of initiatives were adopted, for example, the Financial Action Task Force (FATF) on money laundering in 1989. Money laundering activities can occur in any country, but they may have a more significant impact on developing countries with small or fragile financial systems or weak economies that are susceptible to disruption as a result of illicit activities. The new recommendations made by the FATF will be discussed critically with regard to combating of money laundering. This article gives an historical overview of what money laundering entails in South Africa, the typologies thereof as well as the legislation dealing with money laundering. Money laundering is difficult to measure, but a preliminary attempt is made to give recommendations on this global predicament.

Keywords: money laundering; Financial Action Task Force; FATF; financial transactions; developing countries; South Africa.

DOI: 10.1504/IJPLAP.2014.057886

International Journal of Public Law and Policy, 2014 Vol.4 No.1, pp.88 - 102

Received: 08 May 2021
Accepted: 12 May 2021

Published online: 15 Oct 2013 *

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