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Department of Accounting

International conference on anti-money laundering


Posted on 22 July 2011



The Department of Accounting's Danie du Plessis, who specialises in anti-money laundering, attended an international conference on this issue in Amsterdam from 5 to 7 June 2011. The main message of the conference was that governments and financial institutions will in future be expected to do even more than at present to fight criminal and terrorist activities through anti-money laundering legislation and regulations.

Some of the critical issues addressed included how to develop a risk-based approach to money laundering and terrorist financing threats, how to manage the client risk of individuals with political and senior government responsibilities and the independent audit or inspection of AML/CTF compliance.

Another message was that the USA, the UK and the EU intended to increase their efforts to clamp down on any form of tax fraud and the disclosure by financial institutions of citizens of these countries holding foreign assets.



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