SOUTH AFRICA: AMENDMENT TO CUSTOMS ACT TO HELP STEM ILLICIT OUTFLOWS

On 21st February, Business Day reported that the law governing customs and excise matters is to be amended to allow the tax authority, Sars, to work more closely with banks in a bid to stamp out illicit financial flows.  The proposed amendment to the Customs and Excise Act was signalled in the budget review tabled in Parliament.  Proposed changes would enable Sars and banks to verify that a trade is legitimate and help prevent advance payments being made when no goods are received – a manner by which funds flow illicitly overseas.

https://www.businesslive.co.za/bd/national/2019-02-21-amendment-to-customs-act-to-help-stem-illicit-outflows/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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