It’s time to ex­pose ‘dirty money’

Post - - OPINION -

IT IS quite ob­vi­ous that the bank­ing fra­ter­nity in South Africa play a cru­cial role in ex­pos­ing crim­i­nal­ity. This would be in the form of sus­pi­cious trans­ac­tions, like in the case of the Gupta-owned com­pa­nies.

Now that we have a re­ju­ve­nated law en­force­ment, headed by a no non­sense po­lice min­is­ter and com­mis­sioner, there is hope for or­di­nary South Africans that all the cor­rupt shenani­gans will soon come to an end. An­other area that law en­force­ment agen­cies could fo­cus on is money laun­der­ing and hoard­ing.

When a deputy fi­nance min­is­ter is of­fered a bag­ful of cash and peo­ple are ar­rested at air­ports car­ry­ing mil­lions of rand in suit­cases, it tells us that money laun­der­ing is rife.

To rem­edy this, the gov­ern­ment could drop a bomb­shell by an­nounc­ing the with­drawal of all the cur­rent R100 and R200 notes and re­plac­ing it with the equiv­a­lent new for­mat cur­rency.

This would cre­ate a panic among all those money laun­der­ers, cor­rupt politicians, tax evaders, drug king­pins, gang­sters, etc, scur­ry­ing to dis­pose of their ill got­ten gains in the form of “black money”. The trea­sury could give a cool­ing off pe­riod of maybe three months and there­after ren­der the old cur­rency worth­less. Such a move would make a con­tri­bu­tion to an eco­nomic re­cov­ery and all pay­ing their fair share of tax. VI­JAY SEWTAHAL Clare Es­tate

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