FICA cross-border cash provisions take effect on 1 July
A proclamation brings into operation a set of dormant provisions that link cross-border cash reporting to criminal penalties and forfeiture powers.
#PreventionofOrganisedCrimeAct
Scammers pose as bank officials in R21.5m heist
An urgent preservation order blocked the proceeds from being moved while investigators pursue a criminal case and forfeiture proceedings.
AFU restrains R43.9m in assets linked to alleged investment scam
The NPA says the order follows arrests in a fraud investigation targeting victims across multiple jurisdictions.
AFU secures R11m linked to Foschini impersonation scam
The National Prosecuting Authority says the forfeiture follows an impersonation scheme that led to payments exceeding R22m.
Asset forfeiture and unlawful money schemes
Fraud victims have two distinct remedies: criminal-law-driven asset forfeiture via the Prevention of Organised Crime Act and civil liquidation proceedings under the Companies Act.
Did the FSCA overstep in Banxso’s liquidation battle?
Banxso claims the FSCA violated the Financial Sector Regulation Act by handing over interview transcripts that were supposed to remain internal. The Authority insists its subpoena was valid and no promises of confidentiality were made.
More arrests in Steinhoff saga as executives face justice
The arrest of two more former Steinhoff executives ties back to a fraudulent scheme involving a handwritten note by Markus Jooste.
Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle
The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.
It’s ‘business as usual’ for debarred director of Classic Financial Services
A provisional sequestration order for the estate of Classic Financial Services director Jacobus Geldenhuis has been granted.
