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Manage the risk of financial crimes and compliance threats

28 June 2016

For months, there has been strong focus on the so-called Panama Papers and on the pending results of the national investigations faced by several implicated individuals. As more details emerge, there is one clear and significant take-out from this scandal – that white collar crimes are alive and well.

King IV recognises importance of Tax Governance, but does it go far enough?

22 June 2016

Hardly a week goes by in the local and international press without the spotlight being thrown on a corporate or an individual’s tax affairs. Particularly in tougher economic times, the range of interest in an entity’s tax affairs is reaching far beyond the taxpayer and the Revenue Authority. These days shareholders, employees, customers and members of the public at large, want to know that an entity’s tax affairs are not only ‘compliant’ but also that they meet a standard which is ‘beyond reproach’.

Legal sanctions for non-compliance with King III

17 May 2016

There are no legal sanctions for non-compliance in terms of King III itself. However, certain governance issues emanating from the King III principles are enforceable through legislation. This is because King III does not have legislative force, but rather applies on a “comply or explain” basis, in terms of which all entities are encouraged, by way of explanation, to make a positive statement to their stakeholders about how the principles of the King Code have or have not been applied, in order that the quality of their governance may be assessed and, where required, challenged.

The ABCs of regulatory compliance

25 April 2016

We live in an increasingly litigious society whereby people who are in positions of influence will be held accountable for their actions if they act in an improper manner. This is becoming very evident in South Africa. We already have the Consumer Protection Act (CPA) which gives increased powers to consumers who purchase physical goods. We are also seeing a wave of regulatory reform set to hit the financial services industry in the coming years.

quick poll

Question

The strongest deterrent against FSP compliance missteps is or should be:

Answer

A criminal conviction Debarment Fine or penalty Any of the above can work

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