South Africa Tax Agency to Target ‘Professional Enablers' of Organized Crime [BNN Bloomberg (Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
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Source: BNN Bloomberg
enablers” of organized corruption and financial crimes to combat illicit capital flows and tax evasion. “It is unacceptable for a bank to adopt a compliance tick the box mindset, and not understand that they're dealing with systemic risk issues; that is inexcusable,” Edward Kieswetter, commissioner of the South African Revenue Service said in an interview in the capital, Pretoria, on Tuesday. “Banks would like to plead plausible deniability. It's better for them not to know that someone is a crook because crooks are profitable clients.” Measures to hold them accountable include listing suspect lenders and other professional institutions as entities of interest in tax crimes that are being probed, instituting charges against them, conducting detailed investigations and audits and freezing assets to secure a flight risk of capital, Kieswetter said. “We will not stand by” and “inadvertently become an enabler of corruption,” he said. The tax authority in December instituted legal
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