Singh v South African Reserve Bank
Singh v South African Reserve Bank [2023] ZAGPPHC 112; 2020/35964 (20 February 2023)
The court found that the SARB had reasonable grounds to suspect the applicant contravened exchange control regulations by using other individuals' discretionary allowances to export funds and failing to plausibly explain the source of R80 million. The SARB acted within its powers under regulations 22A and 22C to block both tainted and untainted funds where the amount involved in contravention might be higher than initially identified. The applicant's reliance on Bidvest Bank's approval was misplaced, as Bidvest was not authorised by Treasury to permit such exports. The SARB's decision was not…
Source excerpt
- Exchange Control Regulations
- Blocking Order
- Promotion Of Administrative Justice Act
- Discretionary Allowance
- Rationality Review