Collect rent in cash? Make sure you stay compliant with money laundering rules
24 Jan 2023
According to an International Monetary Fund assessment, “the widespread use of cash in South Africa poses a high risk for money laundering and terrorist financing”. With that in mind, the Financial Action Task Force (FATF) issued a report in October 2021 requiring substantial legislative changes by November 2022 in order for South Africa to avoid being greylisted by the international watchdog.
There are a number of costs to factor in when selling a property – many of which are payable upfront before transfer can occur. To avoid being caught short, sellers are advised to have adequate savings in place before placing their home on the market.