NBFIRA warns of rise in cross border financial crimes

The call  was made by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) chairperson, Mmatlala Dube  during the 33 bi-annual Committee for Insurance, Securities and Non-Bank Financial Authorities (CISNA) conference  held in Maun recently.

CISNA promotes harmonisation of regulatory regimes, enhances communication and exchange of information, and promotes compliance with international standards in the industry within the SADC region.  Speaking at the conference, Dube warned about the increase of cross border financial crimes in the SADC area.  She said such schemes include fraudulent financial transactions, Ponzi schemes, charity fund scam, debt elimination claims, investment fraud, and the pyramid schemes. She said the Ponzi and pyramid schemes are the most common in the SADC area.