Property practitioners in South Africa have been identified as potentially vulnerable to money-laundering and terrorist financing (TF) activities.

Business Email Compromise (BEC) and cyber attacks are on the increase worldwide. Conveyancing firms, their clients, and other organisations effecting many large non-recurring type transactions are particularly vulnerable to BEC fraud.

The deadline for accountable institutions to meet the amendments of the Financial Intelligence Centre Act, No. 38 of 2001, as amended by the Financial Intelligence Centre Amendment Act, Act 1 of 2017 (FICA) legislation, which was introduced to counteract money laundering and the financing of terrorism, is fast approaching on April 2, 2019.

Over the past few months, I have been warning you in passing terms about property syndications. There are just too many funnies attached to this high-risk investment avenue, which, unfortunately, has undergone a revival of late.