The extent and security implications of money laundering in South Africa

Abstract

Money laundering presents challenges to legislators, both in South Africa and globally, considering that its use ranges from criminal syndicates profiting from criminal activities to financiers of terrorist activities. By using South Africa as an example, it is indicated how the extent and security implications of money laudering undermine the legitimate private sector and lead to increased criminal activity and corruption. In order to effectively address the problem of money laundering, legislators must understand how confiscation and seizure, intended to discourage criminal syndicates and terrorist financiers, are treated as 'operational costs'.