The act seeks to combat money laundering
& the financing of terrorism, although the SARB says there was no evidence that Nedbank was involved in such transactions. We must be careful that we do not throw the baby with the bath water.
This country is held together by the vulnerable thread managed by the Big 5 banks. If that system is brought into question, we are all doomed. That's how flawed and vulnerable the system is. SARB cannot be hasty. I don't think these banks have been made to account for laxity in financial controls during state capture and that the Gupta's took R8bn out of the country is probably the tip of the iceberg, we will not address the problem if we are held back by that sentiment, Whatever findings are made, must be made factually, responsibly. Fines must be issued. People arrested. But for the reasons previously stated, the matter must not be politicized, especially in our brand of idiotic cult-based political discourse.
This county will burn. The banking system is held together by TRUST. You saw what happened when VBS went up in flames? Gogos quieting outside the very few VBS branches. Now imagine that 1 million times should any of the Big 5 banks collapse cos of reckless communication by SARB. Ubetha upholise.
Why is Ramaphosa not charged for contravening the FICA law under the Phalaphala farm gate? Why is everyone ignoring the fact that crime was indeed committed, while everyone is being for the very same reason that this gentleman was involved in?
So I assume that the fine is for the failure to report suspicious transactions rather than an active involvement in terrorist financing or the facilitation thereof?
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