It’s time to expose ‘dirty money’
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