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Suspicious transactions, money laundering on the increase in SA - FIC report

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(Photo: Bloomberg)
(Photo: Bloomberg)

The number of reported suspicious and unusual transactions (STRs) - financial transactions which raise suspicion of money laundering and terrorism financing - has increased significantly from 288 000 in 2018 to about 300 000 in 2019.

These figures are contained in the Financial Intelligence Centre's (FIC) latest annual report, published in November.  

The head of forensics at ENSafrica who is also an expert in fraud, corruption and money-laundering - Steven Powell - said the increase in the number of reported suspicious and unusual transactions was significant.

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