TRAILBLAZER BY JESSIE TAYLOR
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inancial crimes such as fraud and money laundering have been in the spotlight in South Africa, especially as the Judicial Commission of Inquiry into State Capture highlights the extent of corruption in the public sector. Money laundering is the process used by criminals to hide, conceal or disguise the nature, source, location, and movement of the proceeds of crime. While fighting this type of crime primarily falls to law enforcement agencies, the National Treasury has a key role in reducing financial crime and adhering to recommendations set up by the watchdog Financial Action Task Force (FATF). CHAMPIONING A CORRUPTION AND CRIME-FREE COUNTRY Leading the fight against corruption is National Treasury Deputy DirectorGeneral Ismail Momoniat, who was one of the key figures behind the Public Finances Management Act. “I drove that process, obviously with the support of the Minister, who was Trevor Manuel, and the DG at that point, Maria Ramos,” said Mr. Momoniat, in an interview with Public Sector Leaders. As the Head of Tax and Financial Sector Policy, Mr. Momoniat has been vocal in condemning state capture, and other types of financial crime, and sees a willingness, from the State, to address these issues.
National Treasury Deputy Director-General Ismail Momoniat Protecting South Africa's financial resources 34 | Public Sector Leaders | April 2022
“You see the government today is committed to ensuring [an] ability to deal with financial crimes.” To protect South Africa’s financial resources, Treasury plans to present to Parliament draft legislation to deal with financial crimes. The draft legislation is expected to be ready later this year, says Mr. Momoniat. “The new legislation is just fixing up gaps.” The legislation comes in response to a FATF report, which found South Africa scored poorly in several outcomes, including identifying terrorism financing and reporting on suspicious transactions. Following the
