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GLTC’s transnational plunder network involves billions in illicit tobacco and gold cash, a vast money laundering racket and the corrupting of five Sasfin bank officials enlisted to sneak at least R3-billion to foreign countries and delete banking transactions.
How did it work? The following infographic explains.
gold leaf tobacco alleged money laundering scheme in tw… – daily maverick
Cash-in-transit companies, mainly Asset Movement Financial Service (AMFS), would collect cash from illicit tobacco sales from a number of GLTC businesses and warehouses across the country, as well as several addresses in Lenasia. They would then pay it into their own bank accounts, pretending that it was their own money.
The second method involved “selling” the cash to other cash-focused industries, such as gold smelters and traders. These gold companies would then EFT money back to the cash-in-transit companies.
gold leaf tobacco alleged money laundering scheme in tw… – daily maverick
gold leaf tobacco alleged money laundering scheme in tw… – daily maverick
Read the full, in-depth account of how Sars busted the tobacco and gold plunder network
 
 
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