Crypto again tops FIA’s suspicious reports tally

Sticky times: Cryptocurrencies are facing a difficult period as the U.S cracks down on some of the most popular products. At home, digital currencies are scammers’ instrument of choice REUTERS/Dado Ruvic/Illustration/File Photo
Sticky times: Cryptocurrencies are facing a difficult period as the U.S cracks down on some of the most popular products. At home, digital currencies are scammers’ instrument of choice REUTERS/Dado Ruvic/Illustration/File Photo

Cryptocurrency transactions dominated the suspicious transactions reported to the Financial Intelligence Agency (FIA) in the first three months of the year, with an amount of P45 million involved.

By law, banks, bureaux de change, car dealers, microlenders, attorneys, and others must file suspicious transaction reports with the FIA.

The agency defines a suspicious transaction as one inconsistent with a customer’s known legitimate business, one that gives rise to a reasonable suspicion that may involve the commission of a financial offence, one made in circumstances of unusual or unjustified complexity, one that appears to have no economic justification or lawful objective or made by or on behalf of a person whose identity is unknown, amongst other factors.

Editor's Comment
Government’s efforts commendable!

Since the news broke, the government made sure to work hand in hand with the South African government to assist the families of the victims. The two countries came together to help the families identify the bodies of their loved ones through DNA testing. The government also announced that they would assist families with food for mourners before the funerals.Even though the deceased persons were mostly residents of Molepolole, the government...

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