R 1,5 trillion lost in illicit flows
South Africa has lost R 1,5 trillion in illicit financial flows over a ten year
South Africa has lost more than 120-billion US dollars, which would be more than R 1,5 trillion in today's dollar/ rand exchange rate in illicit financial flows over a ten year period.
This is according to the Chairperson of Parliament's Standing Committee on Finance, Yunus Carrim.
He has welcomed the gazetting of the Financial Intelligence Centre Amendment Act, or FICA ACT.
The legislation has received a mixed welcome from some opposition parties and the Council for the Advancement of the South African Constitution, CASAC.
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