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as possible. This is important not only for our international standing, but also for our own ability to fight these crimes in our country. Since the dawn of democracy in 1994 we have sought to build credible, independent institutions and implement effective laws to deal with complex financial crimes of this nature.

We have also forged collaborative relationships with transnational entities and global bodies in the financial sector, including the FATF and Interpol. During South Africa’s last regular mutual evaluation of its measures to combat money laundering and the financing of terrorism, a number of deficiencies were identified.

The mutual evaluation was conducted in 2019, when the country was emerging from the state capture era, which had a particularly detrimental impact on institutions like the South African Revenue Service (SARS), National Prosecuting Authority (NPA) and the Hawks.

Since the results of the mutual evaluation were published in 2021, we have made great progress in addressing the identified shortcomings. Of the 67 recommended actions emanating from the mutual evaluation, we have successfully addressed all but eight strategic deficiencies.

For example, we have addressed significant weaknesses in our legal framework, through the enactment of amendments to laws on anti-money laundering and combating terrorism financing. When it comes to developing world-class expertise, legislative reform and strengthening state institutions to combat complex financial crime, we have come a long way. This is notwithstanding deliberate attempts to erode the state’s ability to detect, investigate and prosecute such crimes during the state capture era.

We have restored credibility to key institutions like SARS and the NPA to enable them to fulfil their respective mandates. We have bolstered the powers of the Special Investigating Unit (SIU) by establishing a Special Tribunal to recover public funds stolen through corruption and fraud, and an Investigative Directorate in the NPA to investigate serious corruption.

Last week, Minister of Finance

Enoch Godongwana announced in the Budget that additional funds will be allocated to the police, NPA, SIU and Financial Intelligence Centre (FIC) to strengthen the fight against crime and corruption.

One of our most effective tools for combating money laundering