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19 August 2022 Corruption & Governance Watch


Regulatory uncertainty for banks over digital currencies

With more South Africans turning towards cryptocurrencies, SA is now being viewed by leading world exchanges as one of the most important markets in Africa. But regulatory authorities are struggling to find a balance on how to deal with genuine traders, while clamping down on illegal ... Read More

South Africa

Critics argue against FICA amendments

The Financial Intelligence Centre (FIC) will resist attempts to carve out exceptions to the proposed new list of accountable institutions that have to comply with the Financial Intelligence Centre Act (Fica), executive manager Pieter Smit said in Parliament on Tuesday ... Read More

Nedbank fined R35m for shortcomings

The Reserve Bank has imposed R35m in fines on Nedbank for failures that included not reporting cash transactions of large amounts and shortcomings in record-keeping. Fin24 reports that the banking authority conditionally suspended R15m of the fine. In a statement ... Read More

Reserve Bank pressured on Phala Phala probe

The Reserve Bank will be required to report as soon as possible to Parliament’s Finance Committee on its investigation of foreign-exchange declarations by President Cyril Ramaphosa, reports BusinessLIVE. Hundreds of thousands of US dollars were stolen from the President’s Phala ... Read More

Policy Watch

Irba fees notice corrected

The Independent Regulatory Board for Auditors (Irba) has, by notice in the Government Gazette, announced that a notice it published on 10 June on fees on assurance engagements payable to the Irba was incorrect, reports Policy Watch. It said the ... Read More


ANC too paralysed by factionalism to deal with corruption

It is more than 11 years since the Constitutional Court spelt out, ‘loud and clear’, the requirements for effective and efficient anti-corruption state machinery, writes director of Accountability Now, Paul Hoffman. ‘The matter was the second Glenister case (this worthy ... Read More

Rest of Africa

Former Guinea PM faces embezzlement charges

Guinea will prosecute former Prime Minister Ibrahima Kassory Fofana over the alleged embezzlement of more than $4m in public funds intended for economic, political and social programmes, the Justice Ministry said, according to an African Insider report. Fofana is also ... Read More

Officials indicted for bribery over pardons list

Nigeria’s Economic and Financial Crimes Commission (EFCC) has indicted two officials of the Federal Ministry of Justice for allegedly receiving bribes to smuggle the name of a jailed banker, Francis Atuche, into the list of convicts recently granted pardon by ... Read More


Moscow Exchange resumes foreign trading

The Moscow Exchange has been partially re-opened to foreign investors since Monday after a nearly six-month suspension during the Ukraine war, reports BBC News. Russia had sealed off its markets in February to restrict money from leaving the country during ... Read More

Ex-Trump CFO in tax fraud plea deal

The long-time financial chief of former President Donald Trump's namesake real estate company is expected to plead guilty in New York today in a tax fraud case, a source said. News24 reports that former Trump Organisation CFO Allen Weisselberg ... Read More

Woman's 'bizarre' scheme to allegedly defraud mother

A Brazilian woman Sabine Boghici was arrested last week on allegations she was part of a bizarre scheme to defraud her 82-year-old mother, Genevieve Boghici, the wife of the late art collector Jean Boghici, out of money, artwork and jewellery ... Read More

Case Law Briefs

De Magalhaes v Christensen NO (Insolvency)

Gauteng High Court (Johannesburg): De Magalhaes v Christensen NO and Another Judgment: 27 July 2022 Keywords: Insolvency – Release of solvent spouse’s property – Insolvency Act 24 of 1936 – ss 2, 18, 21 – Long Term Insurance Act 52 of 1998 ... Read More

Absa v Shaw (Trust law)

Gauteng High Court (Johannesburg): ABSA Bank Limited v Shaw NO and Others Judgment: 29 July 2022 Keywords: Trust law – Contract – Execution – Financial Intelligence Centre Act of 2001 (FICA), ss 21, 29 Summary: Absa Bank issued summons against the trustees of ... Read More

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