In a media statement published by the Ministry of Finance on 5 April 2016, National Treasury welcomed the release of information such as the report on clients of a Panamian legal firm and the information about clients of HSBC as it provides the basis for authorities to act against those who illegally move funds out of South Africa.
Given the number of programmes, proposed or under way, such as the Special Voluntary Disclosure Programme and the OECD global standard for the automatic exchange of financial information between tax authorities, the Minister encouraged individuals and entities to ensure that their tax and exchange control affairs are in order.
For the full Media Statement, click here.