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CHAPTER 1

ORIGIN OF THE INVESTIGATION AND INTRODUCTION

1.1. The Commission has previously proposed that the courts be empowered to confiscate the proceeds of crime in general. Together with this, the Commission also proposed the creation of a number of offences to criminalise money laundering and certain related acts.^[1] Following this the Commission decided to undertake an investigation focusing specifically on regulatory measures to combat money laundering.

1.2. This issue paper was compiled in consultation with a group of diverse experts whose assistance is greatly acknowledged. It is aimed at focussing the attention on money laundering with specific reference to the development and implementation of a framework of regulatory measures. The purpose of this paper is to provide a basis for discussion of the topic among all interested parties. To achieve this objective, the issues involved are first identified and thereafter various options for reform in this respect are put forward. For this reason this paper does not contain clearly defined recommendations for reform coupled with proposed draft legislation. Respondents are invited to comment on the issues and options discussed in this paper and to indicate whether there are other issues or options that should also be investigated.

1.3. Following this issue paper it is contemplated that draft legislation will be prepared and published for general knowledge and comment.

[1] Chapter five of the proposed Proceeds of Crime Bill in Annexure B of The Report on International Co-operation in Criminal Matters.