Since April 2019, the South African Revenue Service (SARS) has recovered 2.6 billion rand (R2.6 billion – US$179 million) of revenue after unearthing a series of trade-based illicit financial flows (IFFs).

But according to SARS commissioner, Edward Kieswetter, while the revenue service has begun to make headway by establishing a unit focused on IFFs, several agencies working cooperatively will make a more substantial impact on trade-based and other forms of financial crime in South Africa.

You need to be logged in to view this article.

If you are an existing subscriber please enter your credentials to log in.

To become a member of The Association of Trade Finance Compliance Professionals (ATFCP) click here!