Enhancing Private-Private Information Sharing in South Africa to Disrupt Economic Crime

Purpose – Economic crime continues to evolve globally, demanding greater sophistication and collaboration for the better prevention, detection and disruption thereof. This paper examines the need for and status of South African (SA) private-private information sharing (P2P) as an intervention by comparing the Draft Amendments to the Money Laundering and Terrorist Financing Control Regulations (the Draft Amendments) aimed at regulating information sharing between accountable institutions to selected international counterparts to enhance the country's capacity for P2P. Design/methodology/approach – After identifying the purpose of P2P, a comparative analysis using secondary data was conducted of key aspects of the proposed P2P framework against the selected international P2Ps, from the USA, Singapore, the Netherlands and Estonia. Findings – A legally sound, secure and efficient P2P that leverages resources and information from a wide range of private sector stakeholders is essential for enhancing the effectiveness of measures aimed at disrupting economic crime. Legislative amendments have opened the door for an SA P2P framework, but the detailed embodiment thereof is still lacking. The proposed P2P framework compares favourably with equivalent international frameworks. It is recommended that the participation, effectiveness and ambit thereof be enhanced, not only for the next round of FATF mutual evaluations but also to bolster South Africa's ability to disrupt economic crime. Originality/Value – South Africa formally introduced P2P in 2022 with the enactment of section 41A(3) of FICA, followed by its envisioned embodiment as outlined in the Draft Amendments. Limited research has been conducted on the concept of P2P and the proposed SA framework. This article aims to support the development of a SA P2P framework, provide clarity to private sector entities to support the concept, and contribute to its effectiveness and efficiency. Research limitations – The availability of information was limited due to the nature of P2P frameworks and the novelty of the concept. Article type – Individualising comparative analysis