The Banking Association SA (Basa) and the SA Banking Risk Information Centre (Sabric) have formed a strategic partnership with the Hawks, South Africa’s priority crime investigation unit, to combat financial crimes effectively.
- The collaboration aims to establish a forensic analysis center that will enhance the country’s capacity to investigate and prosecute financial criminals. The center, operational since November 2, provides advanced training to 40 senior investigators in essential financial forensic analysis skills.
- The partnership comes in response to deficiencies that led to South Africa’s greylisting by the Financial Action Task Force (FATF). By bolstering the country’s anti-money laundering and counter-terrorism financing efforts, the collaboration aims to improve South Africa’s standing in the global financial community.
- The forensic analysis center will focus on retrieving and analyzing digital data to uncover evidence of financial crimes, including fraud, money laundering, and illicit financial activities.
- Through this partnership, Basa and Sabric seek to foster closer cooperation between the banking sector and law enforcement agencies, enabling faster response times and more effective information sharing to identify and apprehend financial criminals.
- The initiative aligns with the government’s broader plan to tackle tax evasion, money laundering, and explosives-based crimes, aiming to safeguard the economy and protect South Africa’s financial system.
- The collaboration represents a significant step forward in the fight against financial crime, demonstrating the commitment of South African banking bodies and law enforcement agencies to maintain the integrity of the country’s financial sector and protect the interests of businesses and consumers alike.