Money Laundering in South Africa
"South Africa has a comprehensive framework for money laundering control. The challenge that it now faces is to implement the system. If done correctly, the system could contribute to the development of the South African economy as well as the combating of crime in the country. It is clear that South Africa will be able to rely on the available international expertise in money laundering control in this process. However, South Africa faces many challenges which are foreign to developed economies, for instance those in respect of the abuse of its informal economy by launderers. South Africa will have to formulate its own answers and strategies in this regard. Greater cooperation between the countries in the region will enable South Africa and the other countries to pool their expertise and resources and to develop systems that will effectively address money laundering as it is manifested in their economies."