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Title An examination of anti-money laundering iniatives undertaken by six major banks in South Africa
Full text http://hdl.handle.net/10210/729
Date 2008
Author(s) Ramalu, Vaneshree
Abstract Historically, anti-money laundering (AML) did not represent a high priority for governments or the banking industry. In recent years, however, due to growing intolerance towards drug traffickers, organized criminal syndicates and terrorism, a number of AML initiatives have been evidenced, at both a governmental and institutional level. Banks play a pivotal role for criminal organizations in the placement stage of money laundering. Banks act as gatekeepers for the legitimate financial system and it is only through their vigilance that the system can be protected from providing organized criminals or terrorists with a mechanism for concealing the proceeds of illicit and corrupt activity (KPMG, 2004:2). As such it is important to examine the crucial role that banks play in South Africa in the prevention, detection, and reporting of money laundering. A literature review was conducted to better understand a number of fundamental AML concepts such as placement, smurfing, global financial system, as well as the nature and meaning of the money laundering cycle. The literature review also provided a global and national outlook on money laundering which included a review of the international and South African legislative and policy framework on money laundering. The empirical study made use of a qualitative, descriptive design, using data gathered from surveys. An electronic survey was sent to the group money laundering control officer (MLCO) of each of the identified banks. A response rate of 100% was achieved. - Professor Anton Muller Dr. Maria Dos Santos
Subject(s) Money laundering; Money laundering
Language en
Type of publication Thesis
Repository Johannesburg - University of Johannesburg
Added to C-A: 2008-12-22;03:45:53