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Tag: National Prosecuting Authority (NPA)

Consequences of non-compliance for all accountable institutions

The Financial Intelligence Centre (FIC) brings to the attention of all accountable institutions, important information regarding penalties and administrative sanctions for non-compliance. This information applies also to those institutions included on Schedule 1 of the Financial Intelligence Centre Act 2001 (Act 38 of 2001) since December 2022.

BOOK REVIEW | The Unaccountables

The Unaccountables skilfully profiles the large corporations and private individuals implicated in economic crime and never held to account. This book will anger many, who will be able to put names and faces to those behind some of South Africa’s biggest corruption scandals, from apartheid to state capture.

Medium Term Budget Policy Statement 2022 | SA Finance Minister Enoch...

The 2022 Medium Term Budget Policy Statement (MTBPS) was tabled to Parliament on 26 October 2022 by South African Finance Minister Enoch Godongwana.

State of the Nation Address by President Cyril Ramaphosa 2022

President Ramaphosa delivered the Nation Address on Thursday evening from the Cape Town City Hall, as the country struggles with an ailing economy, civil unrest, corona virus, state capture and a promise-weary public.

Criminal proceedings against non-compliant taxpayers!

In recent weeks we have seen first-hand the powers of SARS in holding taxpayers criminally liable where their tax affairs are not in order.

What does our future look like if leaders refuse to be...

During the years of President Jacob Zuma’s leadership, the country experienced many great governance challenges which played out in the courts and the public domain. The Public Protector at the time  - Ms. Thuli Madonsela - appeared to be winning the battle against corruption, notwithstanding the great odds that she was facing.

Zero tolerance for B-BBEE fronting

The B-BBEE commission sent an unflinching message to entities attempting to circumvent their transformation responsibilities: there is zero tolerance for entities involved in fronting and/or misrepresentation of their Broad-based Black Economic Empowerment (B-BBEE) status and such activities will lead to criminal investigation and prosecution.

The iceberg is in sight: are we on the right course?

The captain of Ship SA, President Cyril Ramaphosa, can surely see the iceberg that we are heading for and one can almost hear the call go out for us to 'brace for impact'. The iceberg is an economy that is in crisis – an unemployment rate of 42% (using the expanded definition), GDP growth projections down by 7.8%, tax revenue projections at R304 billion less than originally budgeted for, a budget deficit of R709 billion for 2020/21, a current debt to GPD level of 81.8% and debt service costs (interest) currently amounting to 21c in every tax Rand collected.

Under-regulated internal auditor plays part in corporate fraud

Considering the high profile scandals that have dominated news headlines in the last few years, from VBS Mutual Bank to Eskom, it does not seem unreasonable to say that South Africa may have a corporate fraud problem. What’s more, the accounting irregularities that led to shareholders being defrauded and losing significant shareholder value, may have been entirely preventable if the internal auditors had been more empowered, protected and held to the same level of accountability as external auditors, via appropriate regulation of the internal audit industry.


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