Money laundering poses a serious threat to South Africa's democracy and governance which have been hard earned, says the National Director of Public Prosecutions (NDPP) Bulelani Ngcuka.
"The practice of laundering of money distorts business decisions, increases the risk of bank failures and creates liquidity problems in financial markets," said Ngcuka.
Addressing the National Prosecution Authority's Anti-Money Laundering seminar in Johannesburg on Tuesday (4 November), Ngcuka said "There is a need to understand the problem of money laundering to enable us to develop effective anti-money laundering strategies”.
The Office of the NDPP has launched a brochure titled ‘Demystifying the concept of money laundering' as part of raising awareness.
It is estimated that millions of Rands are lost every year as a result of money laundering, with foreign nationals suspected to be involved in many such crimes.
Source: allAfrica.com
