The Financial Intelligence Centre is cracking down on secret business owners.
Recent data from the FIC's latest annual report showed that this is a considerable increase when compared to the year before, where only R3.3 billion was recovered from criminal activity.
To combat unlawful activities such as corruption, fraud, tax evasion, and money laundering, the South African Revenue Service (SARS) is piloting a new initiative.
Draft amendments to legislation poised to tackle money laundering and terrorist financing in South Africa is coming up against pushback from business.