To combat unlawful activities such as corruption, fraud, tax evasion, and money laundering, the South African Revenue Service (SARS) is piloting a new initiative.
The South African Revenue Service is piloting a new initiative to make it more effective and easier to investigate and recover assets that are suspected of having been acquired through unlawful activities.
A court can therefore make an order to confiscate unexplained wealth on the basis that the wealth of a person or entity is disproportionate to the lawful income derived or declared by the person or entity and that the defendant is unable to justify or explain how the wealth was lawfully acquired, said SARS.
SARS is seeing if it can use existing legislation to target unexplained wealth or if it should adopt an international approach focusing on a standalone Unexplained Wealth Order . Politically Exposed Persons – these are people with “prominent public functions” such as ministers, MPs and ambassadors, as well as their family members, known close associates and other connections.
“Preparatory activities for the next phase are currently in progress in order to select an appropriate case to test the existing provisions that target unexplained wealth in the courts.”This move will better enable South Africa to confiscate criminal proceeds in line with the Financial Action Task Force recommendation in this regard, said SARS.
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