The Suspicious Transaction Reporting Responsibilities of Attorneys in Terms of South African Anti-Money Laundering Legislative Frameworks

Abstract

With the implementation of more and more stringent measures to prevent money laundering, criminals are resorting to the expertise of lawyers for assistance in the formulation of increasingly complex money laundering schemes. This expertise is provided both wittingly and unwittingly. The purpose of this research was to consider whether the South African anti-money laundering legislation places suspicious transaction reporting obligations, which are in line with and meet international directives, conventions and best practice frameworks, on attorneys. The study entails a consideration of the suspicious transaction reporting obligations of lawyers introduced by the Financial Action Task Force, the European Union, the United Kingdom and South Africa and provides an understanding of the concept of money laundering, the money laundering process and the areas in which lawyers are vulnerable to money laundering. The research found that the suspicious transaction reporting responsibilities of attorneys in terms of South African anti-money laundering legislation are not in line with international frameworks and best practice.