Abstract
LL.M. (Commercial Law)
Financial crime has a negative impact on countries, businesses and individuals. Countries are negatively impacted when money is moved out of the country. It results in governments having less money to spend on social and economic development. Due to the products and services banks offer as well as the international nature of banks, they are at high-risk of their services being used to launder money. In addition, they run the risk of losing funds as well as damaging their reputation. Individuals are at risk of becoming victims of activities which generate illicit proceeds as well as being broadly affected by the changes implemented by government and businesses. This minor dissertation focuses on the role which banks play in the fight against financial crime. The financial crime referred to in this dissertation is money laundering and terrorist financing, with a brief look at proliferation of weapons of mass destruction. It begins by setting out the duties placed on South African banks by the Financial Intelligence Centre Act. It then analyses the 2021 mutual evaluation report by the Financial Action Task Force. In addition, it sets out the recommendations made by international bodies dealing with Anti-Money Laundering and Countering the Financing of Terrorism Measures. Lastly, it sets out consolidates measures taken by groups of banks and how the jurisdiction in which they operate affect the efficacy of policies and procedures.