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CHAPTER 5

THE WAY AHEAD

5.1. It is suggested that the issues and options outlined above ought to be debated thoroughly before any particular direction is embarked upon. Based on the outcome of such discussions legislation in respect of a regulatory framework to combat money laundering will be proposed. The comments of all parties who feel that they have an interest in this topic or may be affected by the type of measures discussed in this paper are therefore of vital importance to the Commission. All respondents are invited to indicate their preferences in respect of the options examined and to indicate whether there are other issues and/or options that must be explored. All the relevant role players and institutions that are likely to be affected by regulatory measures should participate in this debate.

5.2. To facilitate a focussed debate, respondents are requested to formulate crisp submissions with the following in mind:

• is there a need for regulatory mechanisms to meet the problem of money laundering;
• is it agreed that the principal issues are those set out in this paper, and
• what, specifically, is proposed in relation to those issues (or any further issues) as an effective basis for reformatory legislation?

5.3. The Minister of Justice has recently indicated that the matter is regarded as one of some urgency. The surge of foreign investment in recent months in South Africa, and its return to full participation in the international community underscores this fact. Interested parties are accordingly requested to consider this paper and to respond before 24 May 1996.