Business leaders, regulators, and law enforcement officials gathered in Hyde Park on Wednesday for a pivotal Collective Action Against Financial Crime dialogue, jointly organized by British American Tobacco South Africa (BAT SA) and the Consumer Goods Council of South Africa (CGCSA).
The event, which attracted key figures from both the public and private sectors, highlighted the urgent need for stronger collaboration to combat the growing threat of financial and illicit trade crimes in South Africa.
Delivering the opening remarks, Consumer Goods Council CEO Zinhle Tyikwe, underscored the importance of partnership in addressing systemic financial misconduct that harms legitimate businesses and the economy.
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“We can only win the fight against illicit financial flows and related crimes if we act together — across industries and government departments. Collaboration is the cornerstone of sustainable progress,” said Zinhle.
Zinhle also spoke about the burden that financial crimes are placing on South African education, Health, and Infrastructure sectors. She emphasized that when public funds are lost through corruption, fraud, and money laundering, Schools are left underfunded, hospitals struggle with shortage of essential medicines and equipment, and vital infrastructure projects such as roads, water systems, and housing developments are delayed.
“The cost of financial crime is not just financial. It affects livelihoods, undermines trust, and weakens the integrity of South Africa’s formal economy,” Zinhle said.
One of the event’s highlights was the keynote address delivered by Dr. Michael Masiapato, Chief Executive Officer of the Border Management Authority (BMA). He emphasized the BMA’s intensified efforts to strengthen border control and intercept illegal goods that contribute to financial crime.
“Our borders are South Africa’s first line of defense against organized financial and trade-related crimes. The BMA continues to invest in intelligence, technology, and inter-agency cooperation to curb illicit flows that erode national revenue,” Dr. Masiapato stated.
Masiapato also called for enhanced information-sharing frameworks between government agencies and the private sector to close loopholes exploited by syndicates.
The session featured panel discussions that explored the role of technology, enforcement, and ethical business practices in building transparent financial systems. Attendees included senior representatives from the the South African Police Service (SAPS), and business associations.
As the dialogue concluded, delegates reaffirmed their commitment to developing a national framework for collective action against financial crimes, aligning with the country’s broader economic recovery and governance goals.
