The Financial Intelligence Amendment Act was signed into law on 29 April 2017. This was a significant moment in South African law considering the open discussions concerning corruption, money laundering, tax evasion and accounting irregularities. South African legislation has a suite of anti-corruption and money laundering Acts, so it is important to understand and revisit what the reporting responsibilities are, and where to draw the line when clients want to get creative!
Your tax responsibilities are also not to be forgotten. The tax Acts contain many provisions that put the onus on the taxpayer and tax practitioner to report bad behaviour. We will remind you of: