Economy

Drug trafficking is the most prevalent crime in Anti Money Laundering

Date: Jan 24, 2024

The 2024 Money Laundering and Financial Crime Report reveals that drug trafficking is the most prevalent crime in Anti Money Laundering events in the past decade, followed by financial fraud and money laundering.

The report coincides with the Anti-Money Laundering week taking place in Cape Town, South Africa.

Security expert Andy Mashaile says this is not surprising, as South Africa is a major hub for drug production, consumption and transit to other continents.

He estimates that out of 22 tons of drugs that are smuggled every year, 5 tons are consumed locally. "We are the heavyweight champions of drug trafficking, drug consumption and also a transit point to Africa and Australia," Mashaile said.

--SABC--

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