You shall declare reasons for money deposits

The just ended conference on anti-money laundering held in South Africa resolved that as one of the many ways to enforce anti-money laundering, countries and banks should make it mandatory for people to declare purposes of money transfers and deposits. If it were found that the money was used for something else, the depositor would face prosecution for money laundering.

After returning from a week long conference organised by the Egmont Group of Financial Intelligence Units, local MP, Robert Masitara, also a member of the Global Organisation for Parliamentarians Against Corruption (GOPAC) and member of Global Task Force (GTF) on Anti-Money Laundering, told The Monitor on Saturday that he will be tabling a motion to this effect in the July Parliament.