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The effectiveness of the Financial Intelligence Centre Act 38 of 2001 in combating money-laundering in South African banking institutions
Mini Dissertation (LLM (Mercantile Law))--University of Pretoria, 2024.
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| Format: | Thesis |
| Language: | English |
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University of Pretoria
2025
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| _version_ | 1867613517745487872 |
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| access_status_str | Open Access |
| author2 | Ncube, Princess |
| author_browse | Ncube, Princess |
| author_facet | Ncube, Princess |
| collection | Thesis |
| dc_rights_str_mv | © 2023 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. |
| description | Mini Dissertation (LLM (Mercantile Law))--University of Pretoria, 2024. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/101064 |
| institution | University of Pretoria (South Africa) |
| language | English |
| last_indexed | 2026-06-10T12:37:24.815Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2025 |
| publishDateRange | 2025 |
| publishDateSort | 2025 |
| publisher | University of Pretoria |
| publisherStr | University of Pretoria |
| record_format | dspace |
| source_str | UPSpace — University of Pretoria Institutional Repository |
| spelling | oai:repository.up.ac.za:2263/101064 The effectiveness of the Financial Intelligence Centre Act 38 of 2001 in combating money-laundering in South African banking institutions Ncube, Princess Ncube, Princess Thembelihle u23920166@tuks.co.za Modise, Bongani Micheal UCTD Sustainable Development Goals (SDGs) Anti-money laundering Customer due diligence Accountable institutions Suspicious transactions Monitoring Compliance Mini Dissertation (LLM (Mercantile Law))--University of Pretoria, 2024. Money laundering is a clandestine financial phenomenon involving the concealment of the origins of illicit funds. It can be defined as the process of disguising illegally acquired money to make it appear legitimate. This practice negatively impacts global economies and the stability of financial institutions. Banking institutions, as financial intermediaries, are at high risk of facilitating these illicit transactions, making them accountable institutions mandated to report suspected money laundering activities. To combat money laundering, South Africa has enacted key legislation, such as the Prevention of Organised Crime Act (POCA), the Protection of Constitutional Democracy against Terrorist and Related Activities Act (POCDATARA), and the Financial Intelligence Centre Act (FICA). These statutes provide for mandatory anti-money laundering measures such as Know Your Customer (KYC), transactional monitoring, suspicious activities reporting, record-keeping, and ongoing staff training. This study examines the effectiveness of the current regulatory framework, specifically FICA, in addressing money laundering within banking institutions. The findings indicate that while the framework is effective, improvements are necessary. Issues such as operational capacity, employee training, and technological innovations impact compliance. Newer and emerging banking institutions face challenges in incorporating these requirements. This study proposes solutions to enhance the effectiveness of anti-money laundering measures in South Africa. Mercantile Law LLM (Mercantile Law) Unrestricted Faculty of Laws None 2025-02-19T13:48:09Z 2025-02-19T13:48:09Z 2025-04 2024-12 Mini Dissertation * A2025 http://hdl.handle.net/2263/101064 Disclaimer Letter en © 2023 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. application/pdf University of Pretoria |
| spellingShingle | UCTD Sustainable Development Goals (SDGs) Anti-money laundering Customer due diligence Accountable institutions Suspicious transactions Monitoring Compliance The effectiveness of the Financial Intelligence Centre Act 38 of 2001 in combating money-laundering in South African banking institutions |
| title | The effectiveness of the Financial Intelligence Centre Act 38 of 2001 in combating money-laundering in South African banking institutions |
| title_full | The effectiveness of the Financial Intelligence Centre Act 38 of 2001 in combating money-laundering in South African banking institutions |
| title_fullStr | The effectiveness of the Financial Intelligence Centre Act 38 of 2001 in combating money-laundering in South African banking institutions |
| title_full_unstemmed | The effectiveness of the Financial Intelligence Centre Act 38 of 2001 in combating money-laundering in South African banking institutions |
| title_short | The effectiveness of the Financial Intelligence Centre Act 38 of 2001 in combating money-laundering in South African banking institutions |
| title_sort | effectiveness of the financial intelligence centre act 38 of 2001 in combating money laundering in south african banking institutions |
| topic | UCTD Sustainable Development Goals (SDGs) Anti-money laundering Customer due diligence Accountable institutions Suspicious transactions Monitoring Compliance |
| url | http://hdl.handle.net/2263/101064 |