News
Sabric & DoJ Join Forces
Publication Date: 02/09/2024
Sabric and the Department of Justice Join Forces for a Better South Africa
Corruption in South Africa has been a significant issue, impacting various levels of government and sectors of society. It affects public trust, economic development, and overall governance.
SABRIC and the Department of Justice and Constitutional Development (DoJ&CD) have signed a memorandum of understanding which will see these two organisations collaborate on initiatives to combat illicit activities and corruption, protect the financial and payments system, and strengthen the criminal justice system for the benefit of the general public.
A special focus will be placed on capacitating the Justice College where learners will be exposed to banking and payment systems, the latest modi operandi, Anti- Money Laundering and Counter Financing of Terrorism (AML/CFT), cybercrime, forensic accounting, digital analysis, and cryptocurrency.
SABRIC’s CEO Nischal Mewalall says: “This collaboration will significantly further ongoing corruption reforms to improve transparency and accountability and will address things like fraud relating to trustees and deceased estate cases and enhance the effectiveness of courts by assisting in identifying bank account owners. And these are just two examples.”
Joint projects will also be designed to identify, assess, and mitigate risks in various contexts to streamline processes to enhance effectiveness, reduce redundancies, ensure better data integration, and facilitate expansion.
“We will leverage cutting-edge technology to create efficiencies to bolster our mutual and national objectives. By making South Africa a hostile environment for criminals, we will also make it a better place for all its people.” concludes Mewalall.
ENDS
For media inquiries and further information, please contact:
Louise van der Merwe
082 070 5349
About SABRIC
SABRIC, the South African Banking Risk Information Centre, is dedicated to
safeguarding the South African banking sector by collecting, analysing, and
disseminating information related to fraud risks. SABRIC collaborates with
stakeholders to combat financial crime and protect the interests of our people.