Masking money flows

Cryptocurrencies can easily enable money laundering. What are the authorities and exchanges doing about it?

25 August 2021

Each year, criminals send billions of rands in illicit funds offshore, with cryptocurrency increasingly playing a greater role in facilitating such transactions. And experts question whether a government plan to regulate crypto exchanges will put a stop to it.

The Intergovernmental Fintech Working Group (IFWG), composed of several of the country’s financial sector regulators, in June recommended in a position paper that the mandate of the Financial Intelligence Centre Act (FICA) be amended to include crypto trading platforms.

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