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Money Laundering

The legal proceeds of businesses and thereby concealing the true origin of the money.  The whole transaction therefore has the effect of concealing or disguising the nature, source and location of this position or movement of the unlawful proceeds.  

In Section 4 of the said Act it is defined that any person who ought to have reasonably have known that the property formed part of proceeds of illegal activities and enters into any agreement or performs any act which has the likely effect of concealing the nature, source or disposition of that funds, shall be guilty of the offence of money laundering.  Such a conviction can carry a sentence of a fine of up to a R100 million or imprisonment of up to 30 years imprisonment.

Over and above the prosecution for the offence of money laundering, the National Director of Public Prosecutions can also obtain a so-called confiscation order whereby bank accounts are frozen or items are seized and placed under the supervision of a liquidator who then manages these accounts/items.  Upon conviction the proceeds or goods are then forfeited to the State.

Since the inception of this Act, numerous instances have been reported in our legal authorities dealing with the seizure and forfeiture of various items which form part of the proceeds of illicit transactions.

Should you require any of our legal services please don't hesitate to contact us on 012 664 9400 for more assistance.a